One of the OG purpose brands, The Body Shop, went into administration this week. We’re reflecting on how to get the most value from owning the most impactful businesses.

With the potential loss of an icon, some people may be asking if a purpose-led brand can sell without selling out.

But many of the most innovative and disruptive brands (from Heckles to Oddbox) are now purpose-led, and with purposeful brands like Innocent and Ben and Jerry’s showing decent historic growth, the real question is not if, but when investors come calling.

The challenge for those buying purposeful brands is that, while they can grow well, if they don’t also progress, they’ll stagnate and burn out. L’Oreal were the first to buy The Body Shop and they helped expand it while keeping true to its founding values. It’s had two further owners since then and faced an eruption of competition from high-street retail and online challenger brands alike.

Now, every brand needs to stay fresh and relevant to maintain market appeal, but when a business has built its loyal fanbase with a strong founder, using their values and outspoken attitude, it’s going to fail if those now leading the brand are risk-averse. If you’re going to buy a purpose-led brand, you need to understand that the radical energy that created it is the same fuel that’s going to keep it re-creating, re-imagining and re-connecting with the people who love it.

Recent celebrity-led campaigns (hi Mel C) and a refocused purpose have attempted to reinvigorate The Body Shop, but it was all too little too late. There’s way more competition in the ethical cosmetics market than ever before and they’d fallen too far behind.

Buying a brand is not for the faint-hearted, but with more and more purposeful brands entering the market, brand managers need to make sure they have the courage and the creativity to cut through with a strong, authentic voice.