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Body Shop plans to enter India
Saturday, 01 May 2004, 19:30 IST
LONDON: The Body Shop, one of the better known British high street retailers, is drawing up plans to enter the beauty and toiletries market in India as part of a 100-million-pound expansion project over the next three years.
It currently has 2,000 shops in 50 countries and Body Shop said it wanted another 300 shops, mainly in Britain, America, Central Europe and Japan.
It also wants to enter new markets, including China, India, South America and eastern Europe.
Some of the 100 million pounds will be spent on refurbishing its existing shops, particularly in Britain, where the performance continues to disappoint.
British operating profits plunged almost a third to 10 million pounds on sales, down 10 percent, at 180 million pounds.
"Oh no! We're not giving up on the UK," said Adrian Bellamy, Body Shop's executive chairman, who was brought in two years ago to turn round the ailing group.
"We're offering a dynamic recovery of the UK business. By the end of this year, you should see real evidence of a turnaround. There's no reason why we shouldn't have 400 to 500 stores in the UK."
Body Shop is putting increased effort into improving its products. Chief executive Peter Saunders said: "We truly believe that there is an opportunity for us. We're not about smelly, cheerful shower gel. We're selling serious products which are technologically advanced."
He added: "We've got the best technology, natural products and fair trade."
Source: IANS
Source: IANS