In the latest stage of an expansion drive, The Hut Group has acquired a haircare brand currently sold in Boots and Selfridges – one that generates sales of between £10m and £20m.
According to Sky News, the multi-website e-tailer has bought Grow Gorgeous from the Deciem beauty house in Canada.
The group’s portfolio already spans sectors from health and beauty, to gifts, to fashion and by adding to its current offering, the likelihood is that it’s gearing up to list on the London Stock Exchange.
Last year, the digital business launched beauty giant Elizabeth Arden’s first e-commerce website in the UK and Ireland.
Chaired by Richard Pennycook, Co-op group CEO, investors include former Tesco boss Sir Terry Leahy and Lord Rose, the chairman of Ocado and Britain Stronger in Europe.
Sources said the deal, which is of undisclosed value, had been funded from existing cash reserves and that an external fundraising reported last week had not in fact taken place.
The Hut Group declined to comment on the acquisition of Grow Gorgeous.