Matthew Moulding
THG is about to broaden its footprint with the £275m acquisition of an online beauty retailer.
Cult Beauty was launched in London in 2008 by co-founders Jessica DeLuca and Alexia Inge as a specialist of rising, status beauty manufacturers throughout skincare, haircare and cosmetics.
It is the authorised online retailer of about 300 third social gathering manufacturers throughout skincare, haircare and cosmetics, together with Charlotte Tilbury, Drunk Elephant and Huda Beauty.
The firm is predicted to contribute gross sales of £60m and adjusted EBITDA of £3m for the rest of FY 2021.
THG govt chairman and chief govt Matthew Moulding mentioned: “Cult Beauty is ceaselessly the associate of alternative for rising indie manufacturers as a result of its personalised, content-led strategy and enthusiastic shopper base who’re frequently looking for new, revolutionary options to enhance their beauty routines.
“We anticipate totally migrating Cult Beauty onto the THG Ingenuity platform by the tip of the yr (inside the first six months of acquisition), giving the model entry to the worldwide digital options to underpin important future development.”
https://www.insidermedia.com/information/north-west/thg-agrees-275m-online-beauty-firm-takeover
