Following its acquisition of The Body Shop last Thursday, Natura Group is moving quickly to put together a new corporate governance and management structure to accelerate its plans to expand its international footprint.The company’s new executive chairman is Roberto Marques, who has been serving on Natura’s board. The appointment is subject to approval of Natura’s shareholders. Natura’s three founders — Luiz Seabra, Guilherme Leal and Pedro Passos — will continue as co-chairmen of the board.Natura said each of its three brands would have its own chief executive officer and executive committee. The three brands are Natura, The Body Shop and Aesop. There are no changes at either Natura or Aesop. Joao Paulo Ferreira at Natura and Michael O’Keeffe at Aesop will continuing on in their ceo roles. The Body Shop, which Natura closed on its acquisition on Thursday, will have a new ceo. Natura said it has identified the individual who will lead The Body Shop, but doesn’t plan on disclosing who that person is until next month. The idea of each brand having its own ceo and executive committee is to allow for full autonomy and a singular focus for the brand.The Brazilian beauty company said it intends to double The Body Shop’s 2016 earnings before interest, taxes, depreciation and amortization of $82 million by 2022, and increase EBITDA margin to between 12 percent and 14 percent from its 2016 level of 8.4 percent. There are also plans to step up direct selling in Latin America, and accelerate the international growth of its Natura and Aesop brands.To accomplish its new goals, the new management structure has its three brand ceo's becoming part of the company’s Group Operating Committee. Members also will include certain key corporate functions, such as from finance, strategy and business development, operations, innovation and sustainability and a newly created position of chief transformation officer. Robert Chatwin, Natura’s international vice president, will take on the role of chief transformation officer. The operating committee will work with Marques on the company’s overall strategic initiatives. The aim of the operating committee is to work together to leverage the group’s scale.Peter Saunders, former ceo and chairman of The Body Shop, will join Natura’s board as an independent director, a move that enhance’s the company’s corporate governance.Marques said, “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 leverage the group’s scale.”According to Natura, its current financial goal is to deleverage its balance sheet and — by the end of 2022 — return its net debt-to-EBITDA ratio of 1.4 times, where the level was at when it ended 2016. In the short term, the ratio will rise to 3.6 times due to bank debt to fund the one billion euro Body Shop acquisition.The company plans on making a more detailed financial and strategic presentation in February 2018.Combined, all three brands have operations in 69 countries, 18,000 employees, 3,200 stores and a network of franchisees. Its sales force number 1.8 million independent sales reps.Natura was founded in 1969. Aesop is an Australian beauty brand founded in 1987. The Body Shop was founded by Anita Roddick in 1976, in Brighton, England.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion