The Hut Group (THG) has closed in on Target owned Dermstore.com, an online skincare retail business which operates in the USA. It is understood that Dermstore was sold for a consideration of US$350m and that THG intends to rebrand Dermstore to its Lookfantastic label and market subscription beauty boxes. In addition, THG has acquired two of its UK based nutrition product suppliers. These are Claremont Ingredients and David Berryman.
THG CEO Matthew Moulding said: “A key driver behind the decision to list THG on the London Stock Exchange just over three months ago was to enable the group to make major global investments, such as Dermstore.com. “Accessing capital through a London listing has enabled us to accelerate our growth plans and build out a global leadership position within the exciting beauty industry.”
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