The Body Shop/Bellamy deal to shift management, control to retail veteran Bellamy by 2002.
This article was originally published in The Rose Sheet
Executive Summary
THE BODY SHOP/BELLAMY JOINT VENTURE TO TRANSFER MANAGEMENT, OWNERSHIP of the bath and body chain's U.S. retail business to Adrian Bellamy, a non-executive director of the specialty retailer's board, The Body Shop announced May 12. Bellamy will assume leadership of The Body Shop's U.S. operations management team under a deal that gives him options to acquire up to 51% of the firm's U.S. business between 2000 and 2002. Bellamy's right to exercise the stock options and continue heading the U.S. division is subject to meeting certain performance targets, the company noted. If Bellamy meets the targets and exercises his options, he would gain majority ownership of The Body Shop's U.S. business by 2002.
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