The news seems to get worse for the beauty industry in light of the current economic climate. According to the latest reports, The Body Shop, a beauty store chain owned by L’Oréal, will shed 275 jobs worldwide. More than 150 jobs will be lost at the company’s base in Littlehampton, UK. L’Oréal CEO Jean-Paul Agon, has blamed the cuts on the slowing economy, and revealed plans to create new products for the struggling chain. The Body Shop was bought out by L’Oréal in 2006. The extent of the job losses at the US headquarters in Wake Forest, which employs roughly 300 workers, has not been disclosed.