InNature acquires The Body Shop Singapore, expanding Southeast Asia reach
InNature has acquired The Body Shop Singapore from The Body Shop International for RM10.41 million (US$2.46 million). The deal will be completed in October this year and will be funded via internal cash.
The acquisition includes The Body Shop Singapore’s 29 stores nationwide and will add to the Malaysia-based investment holding company’s 105 The Body Shop stores in Malaysia, Vietnam, and Cambodia. The deal marks InNature’s expansion into Singapore.
“The expansion into the Singapore market is expected to further enhance the business relationship between both parties, at an inflexion point where The Body Shop International, under new leadership, is seeing gradual normalization of operations and new products in the pipeline,” says InNature.
The company further notes that the acquisition is expected to benefit the group, given Singapore’s larger market size, higher per capita spending in the personal care industry, and increasing opportunities in digital penetration.
InNature also signed a new franchise framework agreement (FFA) with The Body Shop International, which will include Singapore in the group’s franchise territory when the acquisition is completed.
The acquisition is seen as a strategic expansion into Singapore.“The new FFA provides greater flexibility to the group in shareholder value creation,” says InNature.
The FFA also eases business restrictions, requiring approval from The Body Shop International only for ventures in direct competition.
The acquisition is seen as a strategic expansion into Singapore, leveraging the cultural and geographical proximity between Malaysia and Singapore and creating “synergistic operational efficiencies.”
The Body Shop bankruptcy
In 2024, The Body Shop UK closed 198 stores across the UK and made major cuts to its offices after being acquired by Aurelius in November 2023.
Earlier this year, the company’s administrator at FRP Advisory announced that the beauty retailer will pay back only part of the money it owes after going bankrupt, and that Aurelius will not receive any repayment either.
However, in June this year, stores in Switzerland and Belgium reopened under a new license after German businessman Stefan Herzberg obtained the necessary licenses.
In another dispute, Dutch cosmetics brand Rituals demanded €20 million (US$20.7 million) in damages from The Body Shop for allegedly copying its trademark in January this year.
