The Marie Claire online beauty business Fabled which was in Ocado ownership has been acquired by Next for a small advance payment along with an earn out agreement that guarantees a minimum of £3 million to Ocado.
The fashion and homewares giant had already been working with Fabled, making part of the Fabled range of branded beauty products available to Next’s online customers.
Ocado CEO Tim Steiner said: ” Given the success of the collaboration between Next and Fabled, we decided that it would be in the best interests of all parties to now pass the baton so that Next can take Fabled forward. Ocado is now, of course, focused on its joint venture with Marks and Spencer.”
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