The Body Shop CEO steps down as business looks to accelerate profitability
The Body Shop CEO David Boynton has stepped down after almost five and a half years at the business.
Since joining The Body Shop in 2017, Boynton has led business transformation following the brand's acquisition from L'Oréal. Prior to this, he served as CEO of Charles Tyrwhitt and held senior roles at L’Occitane and A.S Watson.
In a post on LinkedIn, Boynton said: "Looking back over the achievements of the last five years, it is so rewarding to see that our products are now the best they have ever been, challenging the quality and performance of many luxury brands, but at a much more accessible price and with greater sustainability.
"I am leaving with real confidence in the future of The Body Shop - there are strong foundations, a clear, compelling plan and the talent to deliver that plan."
Natura &Co Board Director Ian Bickley will replace Boynton on an interim basis as the beauty brand searches for a permanent successor. In this role, Bickley will work closely with The Body Shop's Executive Leadership Team to help "refine the current business plan and transformation agenda, as well as accelerate profitability and return to sustainable revenue".
Last month, Natura &Co reported a net loss of £139 million for the fourth quarter. The Body Shop's net revenue decreased 8.4% in constant currency and 20.6% in BRL to £235 million (BRL1.5 billion).
This drop in sales also extends to the other quarters in the year, as net revenue was down 19.5% in Q3, 11.8% in Q2 and 16% in Q1, with The Body Shop attaching various reasons including post-lockdown channel rebalancing to its lack of growth.
The announcement also follows the recent acquisition of Aēsop by L'Oréal, opening a new chapter of the luxury brand's growth story after 10 years under Natura & Co's stewardship. The sale of Aēsop will allow Natura &Co to strengthen and deleverage its balance sheet, freeing up resources to focus on its strategic priorities, including the improvement of The Body Shop's business.
Read TheIndustry.fashion's feature on Will The Body Shop shine now Aēsop is out of the picture?
