The Body Shop’s new owners Natura Cosmeticos will draft in a new chief executive to replace Jeremy Schwartz and supercharge the retailer’s growth.
The ethical cosmetics retailer’s new Brazilian owner has revealed it plans to appoint a new boss with “a strong international and retail background” in October.
The new boss will succeed Schwartz, who has been at the helm of The Body Shop since 2013.
It is not clear whether Schwartz has already left his role or will remain with the retailer for a handover period with the incoming boss.
The new chief executive will operate alongside Natura chief executive Joao Paulo Ferreira and stablemate Aesop boss Michael O’Keeffe, both of whom were already in their respective roles prior to The Body Shop acquisition.
The three chief executives will operate under Natura Cosmetico’s newly-appointed executive chairman Roberto Marques, who has previously held executive roles at Johnson & Johnson and Mondelez.
News of the imminent change at the top emerged as Natura Cosmetico unveiled ambitious plans to double The Body Shop’s EBITDA of $82m (£62.2m) by 2022, and boost margins from 8.4% to between 12% and 14%.
Marques said: “The Group we are creating is a unique combination of three pioneering brands and businesses with a common vision and approach to business as a force for good.
“The acquisition of The Body Shop is a decisive step in Natura’s strategic aim of becoming a global, multibrand and multichannel player in the cosmetics industry with a broad and synergistic product portfolio based on natural ingredients.
“To build this new Group, we are putting in place a lean management structure that aims to combine brand autonomy and focus while encouraging the sharing of best practices and leveraging the group’s scale.”