Nightmare for Franchisees with the collapse of The Body Shop UK

February 24, 2024


The collapse of The Body Shop U.K is a nightmare for Datin Mina Cheah who has been in charge of The Body Shop franchise in Malaysia since December 1984. She brought the business to Malaysia just two years after graduation from the University of Leeds. U.K. She holds a Bachelor of Science (Honours) degree in Computational Science & Management Studies.For close to 40 years she has built up the profitable Body Shop business locally into a multi-million revenue earner and has also expanded to Vietnam (38 stores) and Cambodia (3 stores). She listed it as InNature Berhad on 20 Feb 2020 on Bursa Malaysia.

What happens now with The Body Shop in the UK placed under Administrators (FRP Advisory)? With the future uncertain, many investors began selling off their shares in InNature Berhad since the devastating news. The company's  price dropped to below IPO price (64 sen). The major shareholders of InNature are Datin Mina (63) and her husband, Dato' Simon Foong Choong Heng (68) who jointly are beneficially interested in 71% of the shares of InNature as at 31 March 2023.

The Body Shop International Limited has more than 2,500 stores in 70 countries. In the UK it has 200 stores.The current owner is German private investment firm Aurelius Group which specialises in buying and turning around companies facing difficulties.

It is unlikely that The Body Shop brand will be left to die. The brand has value. Aurelius would not have paid £207 million to its previous owner, Brazil's Natura, if it did not have a plan in mind. Not that UK stores will not be closed or employees retained. It's all about numbers with Funds.  Profitable overseas franchise ops like InNature would likely be sustained in terms of supply of inventories etc.

For FYE 31 Dec 2022 InNature reported revenue of RM149.4 million and pre-tax profit of RM28.62 million. For the 9 months ending 30 September 2023, InNature reported revenue of RM98.2 million (RM108.58 million in 2022) and pre-tax profit of RM8.36 million (RM19.64 million in 2022). 


  1. InNature Berhad. 2022 Annual Report.
  2. The Guardian. 13 February 2024. Sarah Butler and Robb Davies.
  3. The Edge. 15 February 2024. Izzul Ikram.
  4. The Straits Times. 13 February 2024. Reuters.
  5. BBC. 14 February 2024. Dearbail Jordan.
  6. Lifestyle Asia. Jolin Lee.
  7. KLSEscreener. 30 September 2023. InNature Berhad.