InNature Bhd, the operator of The Body Shop retail network in Malaysia, Vietnam and Cambodia, is expanding with the acquisition of The Body Shop Singapore Pte Ltd.

The S$3.16 million acquisition of the Singapore company from The Body Shop International Ltd will be paid for in cash using internally generated funds, said InNature in a filing with Bursa Malaysia.

“The expansion into the Singapore market is expected to further enhance the business relationship between both parties, at an inflection point where The Body Shop International Ltd under the new leadership is seeing gradual normalisation of operations and new products in the pipeline,” InNature said.

Citing industry data, the company noted that Singapore’s cosmetics and personal care industry is projected to reach US$1.29 billion in 2025, with a compound annual growth rate of 1.9% between 2025 and 2030. It added that 45% of the segment’s revenue in Singapore will come from digital channels by 2025.

“The geographical and cultural proximity of the Singapore market to InNature’s primary base in Malaysia provides synergistic opportunities between both markets in enhancing operational efficiencies and expanding digital reach,” the company added.

InNature first disclosed its plans to tap the Singapore market in May after signing a memorandum of understanding with The Body Shop International and The Body Shop Singapore. The Body Shop International is owned by a consortium of investors led by Auréa Group, a private equity firm specialising in beauty and personal care brands.

According to its website, InNature currently operates 105 Body Shop outlets of which 72 are in Malaysia, 30 in Vietnam, and 3 in Cambodia.

EI Comment: Since its acquisition by the Auréa Group in September 2024, The Body Shop has undergone many changes.  As part of restructuring, the international operations are being overhauled. The Body Shop Canada has been taken over by Serruya Private Equity, whilst the US operations recently trading again via online.