Online retailer The Hut Group (THG) has acquired US skincare brand Perricone MD for 60 million dollars.
Founded in 1997, Perricone MD is a topical skincare brand with approximately 100 product patents. It will now join THG’s beauty portfolio of own brands, including ESPA, Christophe Robin, Grow Gorgeous, Illamasqua, Mio Skincare, Mama Mio, Eyeko and Ameliorate.
THG launched its own brand beauty acquisition strategy for the last four years. Today, over 50 percent of revenue across its portfolio of seven beauty brands is generated from direct-to-consumer sales globally online.
“Perricone MD has a strong heritage, a loyal customer base and is a truly exciting addition to THG’s beauty portfolio,” said THG CEO and founder Matthew Moulding. “The online beauty and skincare sector is growing rapidly, and this acquisition enables us to further strengthen our position as the world’s leading pure-play speciality beauty brand owner and retailer.”
Manchester-based THG has grown at an impressive rate in recent years thanks to its digital strategy. In August, the company confirmed plans to float on the London Stock Exchange with a target valuation of 4.5 billion pounds.
Moulding commented at the time: “Our intention to float THG on the London Stock Exchange reflects the achievements of the past but also our strong belief in the significant potential for THG in the future.
“The brands we own today give us leading strategic positions in prestige beauty and nutrition, powered by Ingenuity, our differentiated proprietary direct-to-consumer e-commerce solution. Ingenuity powers not just our brands but those of many other leading consumer brand owners around the world creating a highly resilient, vertically integrated business with significant growth opportunities.”
Photo credit: Perricone MD