Retail news round-up: The Body Shop sold to Natura; Green sold BHS to avoid pension liabilities; and Net-a-Porter unveils new tech hub.
Body Shop sold to Natura
The Body Shop has been sold to the Brazilian cosmetics maker Natura Cosméticos for a £880m deal, BBC reported.
L’Oreal, which has owned The Body Shop for the past 11 years, said in a statement that it has signed a contract on Tuesday for the sale.
Natura is Brazil's top business in cosmetics, perfumes and toiletries, and it seeks to grow internationally.
The proposed deal still needs clearance by the Brazilian and US regulatory authorities.
Green sold BHS to avoid pension liability
Sir Philip Green was forced to pay £343m to the pensions of 19,000 former BHS workers, The Guardian reported.
According to the report published by the Pension Regulator, the main purpose for selling the department store was to avoid taking responsibility for the pension liabilities.
Green made six rejected attempts before agreeing a voluntary settlement.
Officials admitted that they “could have been quicker and more proactive” in the early stages of the retailer’s collapse.
A spokesman for Green said: “This is the first and possibly the only time that a private individual, who has not been found to have done anything wrong, has voluntarily rescued a pension scheme.
“The matter is now closed.”
Net-a-Porter unveils new Tech Hub in London
Net-a-Porter CEO Federico Marchetti has unveiled company's new Tech Hub in London’s White City, The Guardian reported.
Approximately 100 jobs are expected to be created over the next two years at the facility.
The fashion retailer plans to invest more than €500m (£440m) in technology, warehouses and delivery systems in London to double its business by 2020.
Marchetti said: “This is the first example of the luxury industry making such a big investment in tech.
“We have 1,000 engineers in London and Bologna.”
“That’s something that no luxury brand in the world can have.”