I remember watching a video of Anita Roddick as a case study in the first lesson we did in GCSE business studies in Y10.
The business started out as an idealistic offering that appealed to many people in a sea of cosmetics companies that were all about self-indulgence at all costs. It really stood out.
Putting on my marketing analysis hat for a moment, any business that uses flash-in-the-pan trendy social justice causes like TWAW as a vehicle for getting sales is going to become unsustainable.
Under some of its more recent owners, it hitched itself to stupid causes that its core customer base didn't care about. It conflated "I care about ethical cosmetics production and will pay a price for it" with "I care about every random "cause" going and want overpriced cosmetics to pretend to care about it too." Arguably, their cosmetics production is no longer meeting modern ethical standards, either, with all that plastic everywhere.
Simultaneously, it discredited itself to its consumers with the MLM "party plan" model which is a relic of 1970s Tupperware parties and pushy sales people. I'm fairly sure even Tupperware doesn't do that anymore. The only retail store the MLM party model has worked for in recent years is Ann Summers, and I don't think they do much of it these days either because sex toys are so mainstream now and the idea of a clandestine all-women get-together to talk about orgasms while looking at a catalogue designed for the male gaze doesn't really appeal. It was never going to work with face cream and shampoo!
Their pushy sales people in the 2000s and 2010s put a lot of people off ever going inside their stores. No one likes it when they get targeted and manipulated into buying stuff. It's such a short-sighted strategy (and yet lots of companies are still doing it today).
The social justice crowd are perpetually looking for the next new thing, it has to be young, trendy, an underdog that is taking on the bad guys in Big Business, and the Body Shop isn't that and hasn't been for a long time. They sold out many years ago when they were bought out the first time and they have sailed on their origin story instead of actually doing anything to change the world recently.
I just wish these sort of companies would advertise for a new marketing strategist when they get bought out, there's so much that could be done to save the brand, but they're too busy listening to idiots who don't know what a woman is.