The Body Shop has signed an agreement to sell its business in most of mainland Europe and parts of Asia, representing about 14 per cent of the company’s external revenue, RetailWeek reported.

The company did not disclose the identity of the buyer but said it is an “international family office”.

“This further prioritises The Body Shop’s strategically important markets and global head franchise partner relationships, which it will look for opportunities to build,” The Body Shop told RetailWeek.

“The announced sale is another decisive step towards delivering a strong turnaround strategy for The Body Shop, supported by the right structure.”

The sale follows the acquisition of The Body Shop by private equity firm Aurelius from Natura & Co for US$259.7 million.

Meanwhile, RetailWeek also said that The Body Shop’s MD for UK and Ireland, Maddie Smith will depart the company, effective at the start of April. The company clarified that Smith’s departure has no connection with the sale agreement.