British online retailer The Hut Group (THG) is to acquire US skincare retailer Dermstore for 350 million US dollars from Target Corporation.
THG has been one of the few retail success stories in 2020. The company increased revenue by 38.6 percent to 378.1 million pounds for the three months ended 30 September. Direct-to-consumer online revenue jumped 51.3 percent to 320.2 million pounds during that period.
“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,” THG CEO and chairman Matthew Moulding said in a statement.
“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. We are delighted to welcome Dermstore.com into our growing portfolio of online beauty assets.”
Photo credit: The Hut Group