Serruya Private Equity announced recently the appointment of serial entrepreneur Jenny Frankel to support retail strategy and brand growth across its portfolio and lead The Body Shop brand.
The company said Frankel brings more than 25 years of prestige beauty industry experience — including the founding and global scaling of Nudestix — along with a lifelong commitment to vegan, cruelty-free, and ethical beauty.
“We are very pleased to welcome Jenny to the SPE team,” said Michael Serruya, Managing Director of Serruya Private Equity. “Jenny has spent her career building beauty brands with purpose, integrity, and a deep understanding of consumers and retail execution. Her track record of scaling Nudestix from a Canadian startup to a global brand with over 3,000 retail doors speaks for itself. As we continue to grow our portfolio, her experience will be a strong asset in strengthening operations and expanding our brands.”
A chemical engineer by training, Frankel began her career as a product developer at M.A.C Cosmetics, and later co-founded Cover FX, a dermatologist-recommended complexion brand she built into a recognized name across North American prestige retail before a successful exit in 2011, said the company in its announcement.
In 2014, Frankel founded Nudestix, pioneering a minimalist, multi-tasking clean beauty category built on a “less is more” philosophy. Under her leadership, the brand earned Women’s Wear Daily’s Prestige Beauty Brand of the Year (2015), and 30+ global product awards. Nudestix expanded to more than 3,000 retail doors in over 30 countries — including Sephora, Ulta Beauty, Target, Shoppers Drug Mart, and Selfridges — and has generated over $80 million in retail sales.
“I have spent my entire career building brands rooted in purpose, innovation, retail experience and a genuine connection with consumers,” said Frankel. “I am excited to bring that experience to the SPE portfolio and to work alongside a team that shares a commitment to building great brands for the long term. There is a meaningful opportunity ahead, and I look forward to contributing to this next chapter of growth.”
In her new role, Frankel will work closely with SPE’s leadership and brand teams to support retail strategy, strengthen operations, and identify opportunities for growth. She will draw on her deep expertise in omnichannel retail operations, product innovation, consumer community-building, and mission-led brand stewardship to support SPE’s expanding portfolio, said the company, which is a Markham, Ontario-based, family-owned investment group that has been building and operating consumer brands since 1986.
Founded by the Serruya family, SPE partners with management teams to build and scale consumer brands for the long term. The firm and its affiliates oversee a portfolio that includes Yogen Früz, Pinkberry, Swensen’s Ice Cream, Sprinkles, Cha Cha Matcha, Bonchon Korean Fried Chicken, The Body Shop, and other concepts, with more than 3,000 franchise locations across 50 countries.
Recently it announced it was partnering with Egg Club, a Toronto-based breakfast brand, to grow across Canada, the United States and international markets. It also announced recently a partnership with Honestly Good Chicken Fingers to help the Canadian-born fast-casual brand expand across Canada, the United States, Asia and the Middle East.
In an interview with Retail Insider, Frankel spoke about her appointment as .
What appealed to you about this position and working for Serruya?
What excited me most was the opportunity to shape the next chapter of a brand that Canadians have known and loved for generations. The Body Shop has something truly special: an incredible heritage, iconic products and a genuine emotional connection with our customers.
It was also one of the first beauty brands to prove that business can be a force for good. Ethical sourcing, cruelty-free standards and community trade were part of its DNA long before the rest of the industry caught up.
Those are the values I’ve built my career on. When I founded Nudestix, it was vegan and cruelty-free from day one, and we grew it to more than 3,000 retail doors in over 30 countries and more than $80 million in retail sales. Leading The Body Shop in Canada lets me bring that experience to a brand I’ve admired for decades.
What drew me to Serruya Private Equity was its entrepreneurial spirit, deep retail expertise and impressive portfolio of brands Canadians have grown up with. The Serruya family has been building consumer brands for almost 40 years, and they invest for the long term and back their management teams. I see tremendous opportunities to create synergies across the portfolio, share expertise and explore meaningful collaborations that bring fresh experiences to Canadian consumers.
For me, this opportunity brings together my expertise in beauty, my passion for retail and the chance to help an iconic brand grow in new and exciting ways, here at home.
What are your main goals in this role?
My vision is to make The Body Shop one of Canada’s favourite destinations for body care, beauty gifting, wellness and meaningful retail experiences.
My first priority is building the right foundation. We’ve set up a leadership structure with clear accountability across finance, commercial and brand, and we’re strengthening our planning so the right products are in the right place at the right time.
From there, a key priority is making our iconic Most Loved products more accessible to Canadians, wherever they shop. That means growing our partnership with Shoppers Drug Mart to bring the brand into more communities, exploring new opportunities to reach and connect with more Canadian shoppers, while continuing to elevate the experience in our own stores. We’re also sharpening our assortment around the products our customers love most.
Online is just as important. TBS.ca and our Amazon storefront give Canadians access to The Body Shop wherever they live, including in communities without one of our stores, and at whatever time suits them. We want the digital experience to deliver the same level of service and care customers get in our stores, from easy discovery and personalized recommendations to fast, reliable delivery and support. Our stores and our online channels should work as one, so every customer can shop The Body Shop the way that suits them best.
I believe the future of physical retail is about much more than transactions. Our stores should be places where customers can discover, connect and be inspired. From personalized consultations with our Beauty & Body
Consultants to engage in-store events and activations, we want to give Canadians more reasons to visit, explore and fall in love with our brand.
Equally important is nurturing the affection that already exists for The Body Shop. Through authentic creator partnerships, product trial and local community initiatives, we want to turn that into a stronger, more connected community, while honouring the activism that defines us.
Ultimately, my goal is to grow the business while staying true to what makes The Body Shop special. I want us to be a brand Canadians don’t just shop, but love being part of.
What’s your overall sense of the retail sector these days, and how is it doing in light of consumer financial stress?
Canadian consumers are under real pressure, and they’re being more thoughtful and selective about where they spend their money. But that doesn’t mean they’ve stopped looking for little moments of joy, self-care or meaningful gifts for the people they love. In fact, beauty has been one of retail’s most resilient categories.
According to Circana, prestige beauty sales in Canada grew 6% in the first half of 2026, with hair care up 23%.
Self-care has become an everyday routine, and an affordable treat still matters when bigger purchases are on hold.What’s changing is how people define value. It’s no longer just about the price tag. It’s about quality, trust, experience and whether a purchase feels worthwhile. Shoppers move between stores, online and the retailers they visit every week, and they expect a consistent experience everywhere.
I believe this creates an interesting opportunity for brands like The Body Shop. We offer iconic, trusted, feel-good products at accessible price points, whether it’s a body butter that becomes part of someone’s daily routine or a thoughtful gift that makes someone smile. And our ethics have been part of who we are for 50 years.
I also think physical retail is entering an exciting new chapter. In a world where almost anything can be purchased online, the role of a store needs to evolve. Human connection, personalized service and memorable experiences are what will bring people back.
Retail isn’t just about giving people more reasons to buy. It’s about giving them more reasons to care and feel good. Brands that understand that will be the ones that continue to thrive.
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