February 13, 2024
(press release)
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Following the news that The Body Shop has filed intent to appoint administrators; Tash Van Boxel, Analyst at GlobalData, a leading data and analytics company, offers her view: “Unable to keep up with its rivals, The Body Shop’s demise into administration comes as a result of increased competition in a thriving health & beauty market. Indeed, GlobalData forecasts that the UK health & beauty market rose 7.1% in 2023, with this sector holding up well throughout the cost-of-living crisis as consumers continued to indulge themselves with inexpensive treats. However, while the likes of Boots and Superdrug have outperformed the market and taken advantage of this heightened demand, The Body Shop has lagged behind as its once clear brand stance has become lost. “The Body Shop’s success in the past was down to its distinct brand identity, with its focus on natural ingredients and fairtrade products being at the fore of its marketing, making the retailer ahead of its time. While The Body Shop continues to stand by its ethical and cruelty-free brand values, these claims have become industry standards, weakening The Body Shop’s point of difference. Indeed, not only are brands now offering products with similar claims, but they also bring more to the table to attract shoppers. For example, The Ordinary’s products are cruelty-free and vegan, but it also highlights its science-backed formulas at low price points.”
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