The Body Shop Canada enters new chapter with acquisition by Serruya Private Equity
This acquisition symbolizes a new chapter for The Body Shop Canada, allowing it to be fully Canadian-owned for the first time.
CANADA – The Body Shop Canada has been acquired by Serruya Private Equity, a Markham, Ontario-based firm led by Michael Serruya, co-founder of the frozen yoghurt chain Yogen Früz.
This acquisition marks the retailer’s transition to full Canadian ownership after a turbulent year marked by financial difficulties and restructuring.
The sale agreement was signed on December 6, 2024, and the deal is anticipated to close shortly after.
The acquisition includes about 59 retail properties out of the remaining 72 stores operated by The Body Shop Canada, with key locations in major shopping centres such as West Edmonton Mall, Toronto Eaton Centre, and Vancouver’s Pacific Centre.
Serruya Private Equity’s leadership, under President Michael Roden, is focused on integrating online and in-store experiences, restoring the online shop, launching on Amazon Canada, and expanding through retail partnerships such as Shoppers Drug Mart.
This arrangement aims to preserve brand integrity by continuing to source products consistently from the U.K., while benefiting from localized management and strategic growth initiatives.
Michael Roden, President of The Body Shop Canada, stated, “Being Canadian-owned allows The Body Shop Canada to move with greater agility, tailoring our approach to meet the values and expectations of Canadian consumers.”
“Our focus is on creating immersive experiences, both in-store and online, that reignite passion for the brand and welcome the next generation of customers.”
The company currently runs 64 stores across Canada, with planned openings in Ontario and Alberta, and a flagship store set to launch in Vancouver’s Pacific Centre in November 2025.
The new store formats are designed to provide more interactive and immersive shopping experiences, featuring skin consultations, product testing zones, and community spaces to engage customers beyond simple transactions.
Prior to the sale, The Body Shop Canada faced creditor claims ranging from CAD$11.5 million (USD 8.36 million) to CAD$12.5 million (USD 9.19 million) and underwent significant store closures, including 33 stores, while filing for creditor protection earlier in 2024.
Following the acquisition, it is expected that approximately 500 employees will be rehired by the new owner, although some workforce reductions will occur.
Sign up to receive our email newsletters with the latest news updates and insights from Africa and the World HERE.
