South Korea's CJ Group said it was mulling a bid for The Body Shop, a British cosmetics and skin care company owned by French cosmetic titan L'Oreal.
CJ, which groups subsidiaries specializing in food, food service, pharmaceutics, biotechnology, entertainment, media, home shopping and logistics, said that it's put into consideration "the acquisition of The Body Shop". But "nothing" has been decided, it said in a brief statement.
The Body Shop, which has a range of 1,000 products being sold at 3,000 franchised stores in 66 countries, is struggling with weak foot traffic in shopping malls in the United States and Europe. Sales fell five percent worldwide in 2016.
L'Oreal purchased the soap and cosmetic brand from founder Anita Roddick in 2006. The Body Shop is attracting bids from a number of suitors that reportedly included the Goldman Sachs Group.
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