L ' Oréal purchased Body Emporium Store control in Brazil

L ' Oréal announced on Tuesday the purchase of 51% of Empório Body Store. The deal was closed by means of The Body Shop, which can in the next six years to increase its stake in companhia brasileira for 80%. Financial details of the operation were not disclosed.
To Jeremy Schwartz, President of The Body Shop, this is an opportunity to launch the brand and the products of The Body Shop in Brazil affix the Body Emporium Store. "We look forward to being able to offer our products for the demanding Brazilian consumers," said the Executive, in a statement.
In 2012, the Body Emporium Store grossed $ 20 million dollars and ended the year with more than 80 stores in operation. This year, the goal is to close with 130 units in operation.
Founded in 1997, in Porto Alegre, by Tobias Chanan, the network grew in Brazil through franchising. The entrepreneur will remain as President of the company.
"We found our soul mate in The Body Shop: thanks to the synergy of our values, vision and culture, we will have the opportunity to accelerate sharply our business in Brazil," said Chanan, in a statement
The acquisition is subject to approval of the Administrative Council for economic Defense (Cade) and must be completed before the end of the year.