(Alliance News) - THG PLC will announce an GBP275 million takeover of Cult Beauty on Wednesday morning, Sky News reported
Cult Beauty is an e-commerce platform founded in 2007 by Alexia Inge and Jessica Deluca. The site includes around 300 independent beauty brands, such as Charlotte Tilbury, Living Proof and Molton Brown.
"Adding Cult to its portfolio, which also includes brands such as Lookfantastic, will cement THG's status as leader in the prestige beauty category," Sky News commented.
https://news.sky.com/story/the-hut-group-applies-finishing-touches-to-275m-cult-beauty-takeover-12371999
The reported acquisition of the beauty e-commerce firm comes two months after THG struck a deal with Japanese technology investor SoftBank Group Corp that made USD1 billion available for strategic acquisitions.
Softbank's shares were down 0.7% at JPY6,857.00 in Tokyo on Wednesday.
By Scarlett Butler; scarlettbutler@alliancenews.com
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