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The Hut Group acquires skincare retailer for £259m from US giant Target

// The Hut Group has acquired US skincare retailer Dermstore.com for £259m
// Dermstore.com is an online pureplay retailer for professional-grade skincare products and specialist beauty brands

The Hut Group (THG) has acquired US skincare retailer Dermstore.com, and has invested in two of its longstanding nutrition product suppliers Claremont Ingredients and David Berryman.

THG agreed to purchase Dermstore.com for $350 million (£259 million) from US retail giant Target.

The acquisition will accelerate THG’s plans to become the “global digital partner of choice” in the beauty industry.

READ MORE: The Hut Group expects bumper full-year sales as new visitors engulf site

Dermstore.com is an online pureplay retailer for premium, professional-grade skincare products and specialist beauty brands.

THG also plans to expand its beauty box business Glossybox, and accelerate the growth of its own-brands using Dermstore’s customer base.

Moreover, THG has acquired flavour manufacturers Claremont Ingredients and fruit-based ingredients specialists David Berryman for a combined amount of £59.5 million.

The two acquisitions will aid THG’s product innovation and manufacturing facilities for its performance brands such as Myprotein.

“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 chair and chief executive Matt Moulding said.

“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.

“We are also pleased to announce the acquisitions of Claremont and Berryman.

“These two businesses are highly complementary, with Berryman accelerating our capabilities in drinks range development for the individual brands within THG Nutrition.

“Claremont will play a key role in developing flavours tailored to local tastes across the globe.

“Together these acquisitions will enable THG to significantly accelerate the launch of further product innovation to global markets while increasing the proportion of THG Nutrition products wholly manufactured in-house.”

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The post The Hut Group acquires skincare retailer for £259m from US giant Target appeared first on Retail Gazette.



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