Chinese tycoons bid for struggling skincare retailer The Body Shop

China's Fosun Group is one of the companies bidding for French-owned skincare retailer, The Body Shop. 

The Body Shop [File photo: Baidu]

It is one of the Chinese retail giants hoping to win the 800 million-plus euro auction for the struggling British retailer currently owned by L’Oréal. 

Private European equity fund CVC Capital, Alibaba founder Jack Ma and China's Renhe Pharmacy are also reportedly in the running. 

The Body Shop's revenue fell 4.8% in 2016 while L’Oréal's overall earnings expanded 3.8%. 

Analysts say Chinese consumers are shifting to Japanese and South Korean skincare brands, as European and American equivalents are falling out of favor.