The B.ody Shop Vietnam responded after news of the parent corporation's mass bankruptcy

Hoàng TrangMar 13, 2024 at 16:54

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In the face of a wave of mass closures from the US to the UK and unpaid employee salaries, consumers expressed concern that The B.ody Shop in Vietnam would also be affected. However, the company soon responded to reassure public opinion.

Recently, social networks were constantly buzzing about the event that The B.ody Shop brand filed for bankruptcy from the US to the UK. This makes consumers in Vietnam extremely worried, creating a lot of stir on forums.

To avoid making consumers insecure, The B.ody Shop Vietnam quickly posted a correction on its personal page. Specifically: "The B.ody Shop Vietnam is not affected in any way by the restructuring process taking place around the world."

The B.ody Shop Vietnam responded after news of the parent corporations mass bankruptcy - Photo 1

It is known that The B.ody Shop Vietnam belongs to InNature Berhad Group, listed on the Kuala Lumpur Stock Exchange, Malaysia. InNature owns more than 122 The B.ody Shop stores in 3 countries: Malaysia, Vietnam and Cambodia. InNature's Board of Directors affirms that The B.ody Shop's business model in its three markets is that of a global franchise partner. Ongoing restructuring activities in the UK, US and other markets do not have any impact on InNature Berhad's business.

According to additional information, in 2024, The B.ody Shop in Vietnam plans to expand its network of stores in busy central areas in Ho Chi Minh City and Hanoi, as well as continue to promote its business. Online business is booming in Vietnam, especially through social networks.

On February 25, The B.ody Shop Vietnam celebrated its 15-year milestone in Vietnam with the newest flagship store at Vincom Dong Khoi, Ho Chi Minh City - the brand's 38th store in Vietnam.

The B.ody Shop Vietnam responded after news of the parent corporations mass bankruptcy - Photo 2

The B.ody Shop Vietnam's announcement was made after world media reported that The B.ody Shop brand had filed for bankruptcy and closed all branches in the US and many facilities in Canada. Meanwhile, a series of other markets also closed and laid off workers.

According to the announcement in early March 2024, The B.ody Shop said that their business system in the US market will stop operating from this month. In addition, about 33 of the company's 105 branches in Canada will also be sold immediately, and the e-commerce network here will also be shut down. However, The B.ody Shop's business operations in Canada have not completely ended.

The B.ody Shop Vietnam responded after news of the parent corporations mass bankruptcy - Photo 3

According to CNN, inflation in recent years has severely affected cosmetics retailers such as The B.ody Shop, which followed the strategy of opening their own stores instead of concentrating in shopping malls, and at the same time Targeting middle-class customers who are tightening their spending.

In Australia, this cosmetics company has more than 100 locations. However, they are struggling due to lack of cash to pay suppliers, after the parent company in the UK announced its insolvency.

The B.ody Shop Vietnam responded after news of the parent corporations mass bankruptcy - Photo 4

The B.ody Shop Vietnam responded after news of the parent corporations mass bankruptcy - Photo 5

In the UK market, The B.ody Shop will close 75 stores and lay off nearly 800 workers.

In Denmark, The B.ody Shop here declared bankruptcy while the Belgian market also made a similar declaration. The company's system in Ireland was also dissolved last week. The situation was so bad that employees in Ireland refused to go to work on the last days because they were owed up to 3 weeks of salary.

Before dissolution, The B.ody Shop, although in decline, still had 1,000 stores globally with more than 1,600 franchise branches.

The B.ody Shop Vietnam responded after news of the parent corporations mass bankruptcy - Photo 6

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