Maximo Group which is a joint venture between the owner of Allbeauty, various private investors together with the Guernsey Investment Fund has acquired both Allbeauty and Fragrance Direct which have a combined turnover of £200 million. The online retail businesses will each continue to trade as separate brands with their respective management teams and suppliers.
Allbeauty launched in 2004 and has a team of 160 people with 70 of them based in Guernsey. Fragrance Direct has traded since 1993.
A spokesperson for Maximo Group said: “We are bringing together two leading direct-to-consumer businesses, both with proven track records of growth and profitability. The brands have strong synergies in terms of customer base and brand offering, whilst also presenting opportunities for growth and differentiation within this dynamic market. This is a truly exciting time for staff and shareholders alike and a great investment for Guernsey.”
The Guernsey Investment Fund has been a minority shareholder in Allbeauty for some time has supported the owners to enable expansion through acquisition. A number of new investors who are strong advocates of the direct-to-consumer model are also involved.
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