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Dive Brief:
- The Body Shop has achieved 100% vegan formulations across its current product ranges including skin care, body care, hair care, makeup and fragrance, according to a company press release.
- All current Body Shop product formulas have been certified by The Vegan Society, a goal the company has pursued since setting the target in 2021. The retailer said there remains the possibility that old, discontinued formulations which have not been certified by The Vegan Society are still present in the market, as they are being sold through.
- At the same time, the company released a marketing campaign that pokes fun at common perceptions of vegans, dubbed “Yes! Another vegan.”
Dive Insight:
“We did it,” said Ian Bickley, CEO of The Body Shop, in a statement. “We know that vegan beauty matters to millions of people around the world, and we've worked tirelessly to achieve this huge milestone.”
In making the announcement, The Body Shop cited data from Research and Markets that found the vegan cosmetics industry is projected to grow with a 6.31% compound annual growth rate between 2023 and 2028, reaching $24 billion by 2028. Data from YouGov cited by the retailer also revealed that over 10% of young consumers say vegan is an important factor in health and beauty product purchases.
The company says it is the first global beauty brand to achieve this milestone and was also the first to fight against the use of animal testing, in 1989. The Body Shop’s founder, Anita Roddick, was an environmental business activist who first launched the brand in 1976 with products that were ethically sourced and used naturally-based ingredients.
This past November, The Body Shop’s parent company, Natura & Co., sold the retailer to private equity firm Aurelius for 207 million pounds (around $257 million at the time), with an earn-out of 90 million pounds. Earlier in the year, Natura & Co. sold Aesop to L’Oréal for $2.5 billion.
The Body Shop currently operates 2,500 stores worldwide, with 173 across North America, the company said via email. The brand opened seven new stores in North America last year with four more planned for the region in 2024.
via https://www.aiupnow.com
Howard Ruben, Khareem Sudlow
