Forensic Audit: Economic Footprint and Complicity Assessment – The Body Shop International
Date: January 20, 2026
To: Compliance Oversight Committee / BDS Impact Assessment Unit
From: Senior Supply Chain Auditor & Forensic Accountant
Subject: Comprehensive Economic Complicity Audit of The Body Shop International (Post-Administration Restructuring)
Reference: Target Entity; Parent Entity [Auréa Group]
.1. Executive Summary and Audit Verdict
1.1. Strategic Overview
This forensic audit was commissioned to map the economic footprint of The Body Shop International (TBS), focusing on its potential entanglement with the Israeli economy, settlement enterprises in the occupied Palestinian territories (oPt), and the broader mechanisms of the occupation. The audit occurs during a critical transitional period for the target, following its acquisition out of administration in September 2024 by Auréa Group, a consortium led by Mike Jatania and Paul Raphael.1
Our investigation utilized open-source intelligence (OSINT), supply chain mapping, and corporate structure analysis to determine the “Complicity Rank” of the target. The core intelligence requirements—specifically regarding aggregator nexuses (Mehadrin/Agrexco), importer status, and settlement laundering—have been analyzed against the backdrop of a unique legal anomaly: the existence of a “clone” entity in Israel that structurally blocks the target from direct market entry.
1.2. Forensic Verdict: Low / Incidental Complicity
Rating: Low (Structural Non-Presence)
The Body Shop International is assessed as having a Low level of economic complicity. This rating is driven by three decisive factors:
1.The “Clone” Firewall: The target has no retail presence, franchise network, or direct subsidiary in Israel due to a historical trademark blockade by an unrelated Israeli entity, Dr. Fischer (Fischer Pharmaceuticals). This effectively prevents the flow of retail capital from TBS to the Israeli exchequer.3
2.Parental Geopolitical Alignment: The new owner, Auréa Group, shows no evidence of investment in Israeli state bonds or strategic sectors. Co-founder Paul Raphael’s leadership in LIFE (Lebanese International Finance Executives) suggests a geopolitical orientation that historically minimizes economic integration with Israel.5
3.Supply Chain Diversification: Critical high-risk commodities such as olive oil are sourced from Italy, not the West Bank, negating “settlement laundering” concerns.7
However, residual risks remain in the upstream supply chain regarding:
●Pink Grapefruit Seed Oil: Likely sourced via open-market aggregators that rely on Israeli citrus exports (Mehadrin/Galilee Export).
●Dead Sea Minerals: Legacy product lines (now largely discontinued but present in third-party inventories) rely on raw materials extracted by Israeli conglomerates in the Dead Sea basin.8
.2. Corporate Ownership Architecture & Financial Flows
To adjudicate economic complicity, one must first disentangle the complex web of private equity ownership that has governed The Body Shop since its sale by L’Oréal. The flow of investment capital determines whether profits generated by the brand ultimately service debt or equity held by entities supporting the occupation.
2.1. The Administration & Acquisition Trajectory (2023–2026)
The Body Shop has recently exited a period of severe financial distress, which has significant implications for its ability to invest in foreign markets, including Israel.
●Natura & Co Era (2017–2023): The Brazilian giant Natura owned TBS, attempting to align it with B-Corp standards. Under Natura, TBS emphasized “activist” branding but struggled with profitability. Natura sold the asset to stem its own losses.10
●The Aurelius Group Era (Nov 2023 – Feb 2024): The German private equity firm Aurelius Group acquired TBS for £207 million. This period was catastrophic; Aurelius failed to secure working capital, leading to administration (bankruptcy protection) in the UK, Canada, and the US within months. This financial collapse resulted in the closure of dozens of stores and the severing of many supply contracts.11
●The Auréa Group Rescue (Sept 2024 – Present): A consortium named Auréa Group acquired the assets out of administration. This entity is distinct from the previous owner (Aurelius) and represents a “growth capital” approach rather than a distressed asset strip.2
2.2. Forensic Profile: Auréa Group
The current parent entity, Auréa Group, is the primary focus for analyzing “Investment Flows.” Our audit scrutinized the principals and their portfolio for Zionist philanthropy, direct foreign investment (FDI) in Israel, or defense sector ties.
2.2.1. Principal Analysis: Mike Jatania
Mike Jatania, appointed Executive Chairman and later CEO in January 2026, is a British tycoon of Indian origin. His wealth stems from Lornamead, a company that specialized in acquiring “orphan brands” (neglected heritage labels like Yardley and Lypsyl) from multinationals like Unilever and P&G.14
●Risk Profile: Jatania’s investment thesis is operational and brand-centric. There is no record of Jatania or Lornamead engaging in ideological investments in Israel, purchasing Israel Bonds, or partnering with Israeli state-owned enterprises. His philanthropic footprint focuses on UK-based charities (Prince’s Trust) and cultural entrepreneurship.14
2.2.2. Principal Analysis: Paul Raphael
Paul Raphael, co-founder of Auréa, presents a significant geopolitical marker. A former Executive Vice Chairman at UBS and Credit Suisse, Raphael managed Emerging Markets and Wealth Management divisions.
●The LIFE Connection: Raphael is a founding chair and board member of LIFE (Lebanese International Finance Executives).5 LIFE is a diaspora organization dedicated to the economic advancement of Lebanon. Given the geopolitical state of war and non-normalization between Lebanon and Israel, prominent members of the Lebanese business elite typically maintain a strict separation from the Israeli economy to comply with Lebanese boycott laws and regional political norms.
●Implication: It is highly improbable that an investment firm co-led by a prominent figure in the Lebanese finance community would pursue strategic expansion into Israel or direct investment in Israeli corporations. This acts as a “soft” structural barrier to complicity.6
2.3. The “Aurelius” Disambiguation Protocol
A critical finding of this audit is the high potential for identity confusion between three distinct entities with similar names. Clarifying this is essential to prevent false positives in complicity tracking.
| Entity Name
|
HQ Location
|
Activity
|
Israel Connection
|
Status with Target
|
| Aurelius Group
|
Munich, Germany
|
Private Equity (Generalist)
|
Owned TBS briefly (2023-2024); placed it in administration.
|
Former Owner (Exited)
|
| Aurelius Capital
|
Tel Aviv / NY
|
Venture Capital (Defense Tech)
|
Launched $150M fund with former NSA/Mossad chiefs to invest in Israeli military tech.17
|
Unrelated
|
| Auréa Group
|
London, UK
|
Growth Capital (Beauty/Wellness)
|
Current owner of The Body Shop. Founded by Jatania/Raphael.
|
Current Owner
|
Forensic Alert: Financial intelligence feeds often conflate “Aurelius Capital” (the Zionist defense fund) with “Aurelius Group” (the failed PE owner). There is no evidence that Auréa Group (current owner) has any relationship with Aurelius Capital. The defense fund’s investment in “dual-use” Israeli technology is structurally isolated from The Body Shop’s supply chain.18
.3. The “Clone” Anomaly: The Dr. Fischer Nexus
The most significant factor mitigating The Body Shop’s complicity is a legal anomaly that has historically blocked the brand from the Israeli market. This section details the “Clone Market” phenomenon.
3.1. The Trademark Blockade (1990s–Present)
In the early 1990s, The Body Shop International (under Anita Roddick) sought to expand into Israel. They discovered that the trademark “Body Shop” had already been registered by Dr. Fischer (Fischer Pharmaceuticals), a prominent Israeli manufacturer.3
●Litigation: A bitter legal battle ensued. TBS UK sued Dr. Fischer for “passing off,” alleging that the Israeli entity had copied the green branding, minimalist aesthetic, and even the font of the British original.
●The Stalemate: The Israeli courts sided with the local registrant (or the costs of litigation forced a withdrawal). TBS UK was unable to secure the rights to its own name in the jurisdiction.3
3.2. Dr. Fischer’s “Body Shop Israel”
Today, a chain of approximately 50 stores operates across Israel under the name “Body Shop.”
●Ownership: These stores are fully owned by the Fischer family (daughters Sigal Bar-On and Nurit Harel).20
●Operations: They sell products manufactured in Israel, largely based on Dead Sea minerals and local botanicals. They have their own R&D and manufacturing facilities in the Galilee and Tel Aviv areas.4
●Independence: There is zero economic flow between “Body Shop Israel” and “The Body Shop International.” No franchise fees, royalties, or inventory shipments occur.
Implication for Complicity:
Consumers often mistake the “Body Shop” stores in Tel Aviv malls for the British brand. However, from a forensic accounting perspective, The Body Shop International has been involuntarily boycotted by the Israeli legal system for decades. This creates a “structural firewall” that prevents the brand from becoming a pillar of the Israeli retail economy, even if it wished to.
.4. Supply Chain Forensic Audit: The “Aggregator Nexus”
While the retail face is absent, the upstream supply chain (ingredients) presents the primary vector for economic complicity. We analyzed the sourcing of key botanicals to determine if TBS utilizes Israeli aggregators like Mehadrin, Hadiklaim, or Agrexco.
4.1. The Pink Grapefruit Seed Oil Vector
The “Pink Grapefruit” range (Body Butter, Shower Gel, Mist) is a flagship product line. The primary active ingredient is Citrus Paradisi (Grapefruit) Seed Oil.
4.1.1. Global Market Context
Israel is a dominant player in the global “Ruby Red” and “Pink” grapefruit market. The Sharon Plain and the Negev are key cultivation zones.
●Aggregators: The export of citrus byproducts (oils, essences, fruit water) is controlled by large Israeli cooperatives:
○Mehadrin: Israel’s largest grower and exporter of citrus.
○Gan Shmuel Foods: A major processor of citrus for industry (juices, oils, concentrates).
○Galilee Export: A cooperative of agricultural settlements.
4.1.2. Ingredient Provenance Analysis
Forensic review of TBS product labels reveals:
●Ingredients: Citrus Grandis (Grapefruit) Fruit Water, Citrus Aurantium Dulcis Seed Oil.8
●Traceability Gap: While the packaging explicitly identifies “Community Fair Trade Shea Butter from Ghana” and “Sesame Oil from Nicaragua,” the Pink Grapefruit oil lacks a country-of-origin designation.22
●Conclusion: In the absence of a designated Fair Trade supplier for citrus, industry standard sourcing logic applies. TBS likely purchases grapefruit oil from large European chemical aggregators (e.g., Givaudan, Croda), who in turn bulk-source from primary producers. Given Israel’s market share in pink grapefruit, it is highly probable that the oil is of Israeli origin, potentially sourced via Mehadrin or Gan Shmuel. This represents a “Medium” risk of indirect economic support.
4.2. The Dead Sea Salt Nexus
The “Spa of the World” range historically featured a Dead Sea Salt Scrub.
4.2.1. Status of the Product Line
●Discontinuation: Recent snippets indicate this specific SKU is “Discontinued” or “Sold Out” in major markets like the UK and US.9 This may reflect a strategic pivot away from contentious ingredients or simple SKU rationalization during the administration process.
●Residual Stock: Third-party sellers (eBay, Walmart) continue to trade existing stock.24
4.2.2. The Extraction Economy
Sourcing “Dead Sea Salt” is inherently problematic:
●Key Extractor: ICL Group (Israel Chemicals Ltd) operates the massive evaporation ponds in the Southern Dead Sea.
●Geopolitics: While the southern extraction sites are within 1948 borders, the industry is heavily integrated with the settlement infrastructure (roads, water usage) and utilizes resources from a shared water body that Palestinians are denied access to.
●Alternative Sources: Jordanian extraction exists (Arab Potash Company), but “Dead Sea Salt” in the cosmetic industry is overwhelmingly Israeli-branded (“Bokek” salt by SaltWorks is Israeli).25
●Verdict: If TBS reintroduces this line without explicitly citing a Jordanian supplier, it is sourcing from the Israeli mineral extraction complex.
4.3. The Olive Oil Exoneration (Settlement Laundering Check)
A core requirement was to investigate if TBS uses “Produce of Israel” olive oil, which often masks oil produced in illegal West Bank settlements.
●Evidence: The Body Shop’s “Community Fair Trade” map explicitly identifies Italy as the sole source of its olive oil.7
●Supplier: The partner is the Nuovo Cilento Cooperative in Campania, Italy.
●Risk Level: Zero. There is no evidence of West Bank olive oil entering the TBS supply chain.
4.4. Community Fair Trade (CFT) Map Analysis
The CFT program is TBS’s ethical sourcing backbone.
●Exclusion of Region: The 2025 map shows suppliers in 21 countries (India, Ghana, Nepal, etc.) but none in Israel or Palestine.7
●Missed Opportunity: Unlike competitors (e.g., Lush, who have sourced from Canaan Palestine), TBS does not support Palestinian fair trade initiatives. However, this also confirms they are not utilizing Israeli agricultural cooperatives for their “hero” ingredients.
.5. Seasonality Analysis: Winter Sourcing Patterns
Objective: Determine if the target’s purchasing creates demand spikes for Israeli winter crops (Dates, Avocados, Citrus).
5.1. Cosmetic vs. Grocery Sourcing
Unlike grocery retailers (Tesco/Sainsbury’s), which require fresh produce during the European winter (when Israeli exports peak), cosmetic manufacturers utilize processed derivatives (oils, butters, extracts).
●Shelf Life: Essential oils and fruit extracts have shelf lives of 1–2 years.
●Procurement: Purchasing occurs via bulk contracts with chemical intermediaries, not seasonal spot-market auctions for fresh fruit.
●Impact: While the origin of the grapefruit oil may be Israel (as detailed in 4.1), the timing of the purchase is decoupled from the seasonal “fresh” export window. TBS does not participate in the seasonal “Avocado/Date” rush that supports the settlement agricultural economy in the Jordan Valley during winter months.
.6. Financial Analysis: Investment and Importer Status
6.1. Importer Status
Requirement: Is a subsidiary the Importer of Record?
●Analysis: Since TBS has no retail operations in Israel, it has no Israeli subsidiary acting as an importer.
●Distribution: Any TBS products found in Israel are likely “grey market” imports brought in by third-party distributors or purchased by individuals abroad. The “Body Shop” stores in Israel (Dr. Fischer) do not import TBS UK products; they manufacture their own.20
6.2. Investment Flows (R&D / Real Estate)
●Parent Entity (Auréa): As detailed in Section 2.2, Auréa is a UK-based growth capital firm. There is no record of Auréa opening R&D centers in Tel Aviv or Haifa.
●Tech Stack: TBS uses standard e-commerce and logistics stacks (SAP, Salesforce). There is no evidence of specific, high-value contracts with Israeli tech firms (e.g., Wiz, CheckPoint) that would constitute a “Strategic Pillar” relationship, unlike major tech giants.
●Real Estate: TBS owns no real estate in Israel.
.7. Comparative Analysis: TBS vs. Market Peers
To contextualize the “Low” complicity rating, we compare TBS to industry peers.
| Metric
|
The Body Shop (UK)
|
L’Oréal
|
Sephora (LVMH)
|
Ahava
|
| Retail Presence
|
None (Blocked by Trademark)
|
Massive (Subsidiary: L’Oréal Israel)
|
Direct Retail Presence
|
HQ in Israel
|
| Manufacturing
|
None in Israel
|
Migdal HaEmek Factory (Israel)
|
None
|
Dead Sea (West Bank/Israel)
|
| Sourcing
|
Grapefruit Oil (Likely)
|
Dead Sea Minerals, Chemicals
|
Diverse
|
Dead Sea Minerals
|
| Innovation
|
UK-based R&D
|
Key R&D partnerships in Tel Aviv
|
Tech Accelerator partners
|
Israel-based
|
| Complicity Rank
|
Low
|
High
|
Medium
|
Extreme
|
.8. Detailed Conclusions and Recommendations
8.1. Conclusion on Economic Footprint
The economic footprint of The Body Shop International in relation to the Israeli occupation is structurally minimized. The brand presents a rare case where intellectual property litigation (the Dr. Fischer lawsuit) has acted as a more effective boycott mechanism than consumer activism.
●Direct Support: Non-existent. No taxes paid, no staff employed, no rent paid in Israel.
●Indirect Support: Limited to the commingled supply chain of Pink Grapefruit Oil and potentially Dead Sea Salt (if reintroduced). These are industry-wide issues rather than specific brand partnerships.
8.2. Addressing the “Aurelius” Risk
The primary reputational risk for TBS is the confusion between its former owner (Aurelius Group) and the Zionist defense fund (Aurelius Capital). Activists conducting superficial keyword searches may conflate the two. It is forensically accurate to state that the current owners (Auréa) have no link to the defense fund.
8.3. Recommendations for the Audit Client
1. Boycott Classification: DO NOT LIST
●Listing The Body Shop as a boycott target is counter-productive. It targets a company that is already effectively banned from the Israeli market.
●Direct energy instead toward Dr. Fischer (Body Shop Israel) if the goal is to target Israeli cosmetics manufacturing.
2. Consumer Advisory: The “Clone” Warning
●Issue a distinct advisory clarifying that “The Body Shop” stores in Israel are not affiliated with the global brand. Travelers to Israel/Palestine should be aware that purchasing from these stores supports Dr. Fischer, not the UK entity.
3. Supply Chain Demand: Transparency on Grapefruit
●While the risk is low, activists could demand TBS disclose the country of origin for its Citrus Aurantium Dulcis Seed Oil. Given the brand’s “Ethical Sourcing” claims, demanding they source grapefruit oil from non-conflict zones (e.g., USA, South Africa) or Palestinian growers is a viable engagement strategy.
4. Monitoring “Spa of the World”
●Maintain a watch on the “Spa of the World” range. If the Dead Sea Salt Scrub returns to shelves, investigate the supplier. If it is SaltWorks or ICL, the complicity rating rises to “Low-Medium” due to resource extraction concerns.
.9. Appendix: Data Tables
Table 1: Entity Disambiguation
| Entity
|
Role/Status
|
Relationship to Israel
|
Complicity Flag
|
| The Body Shop Int’l
|
Target Brand
|
Blocked from market.
|
🟢 Low
|
| Body Shop Israel
|
Clone Brand (Dr. Fischer)
|
Indigenous Israeli Chain.
|
🔴 High
|
| Auréa Group
|
Current Parent (2024-)
|
No known ties. Principals have Levantine ties.
|
🟢 Low
|
| Aurelius Group
|
Former Parent (2023-24)
|
German PE. Failed owner.
|
🟡 Neutral
|
| Aurelius Capital
|
Unrelated Fund
|
Defense Tech Investor ($150M fund).
|
🔴 Extreme
|
Table 2: Ingredient Sourcing Risk Matrix
| Ingredient
|
Sourcing Claim
|
Probable Origin
|
Risk Level
|
| Shea Butter
|
Community Fair Trade
|
Ghana (Tungteiya Assn)
|
🟢 None
|
| Olive Oil
|
Community Fair Trade
|
Italy (Nuovo Cilento)
|
🟢 None
|
| Pink Grapefruit Oil
|
Natural Origin (No CFT)
|
Israel (Mehadrin) / USA / SA
|
🟠 Medium
|
| Dead Sea Salt
|
Spa of the World (Legacy)
|
Israel (ICL) / Jordan
|
🟠 Medium
|
| Tea Tree Oil
|
Community Fair Trade
|
Kenya (Kutoka Ardhini)
|
🟢 None
|
.Signed:
Forensic Audit Unit – Supply Chain Division
20 January 2026
Works cited
