THG has announced the acquisition of US beauty brand Biossance for $20m, which includes c$23m stock and $6m of receivables. The brand was owned by Amyris, which recently went into Chapter 11 bankruptcy.
Commenting on the deal, Matt Moulding, CEO, THG said: “Biossance has a fantastic management team, led by Catherine Gore, but they need a new supply chain, tech platform, and cheaper routes to market. We bring these.
Biossance should be immediately breakeven in THG. Our US and UK labs will support with manufacturing, and THG Ingenuity immediately brings both a new global website & distribution.
LOOKFANTASTIC.COM & Cult Beauty already sell c$2m pa of Biossance products, which we can now accelerate.”
The news comes as THG employees based at its Manchester head office have been told that from 2nd Jan 2024 they must return to working in the office 5 days a week.
Share