The Hut Group continues expansion drive with RY.com.au acquisition

229
Hut Group RY

The Hut Group has just acquired major Australian beauty retailer RY, one week after buying cosmetics subscription business Glossybox.

The latest acquisition means The Hut Group is now one of the UK’s biggest health and beauty retailers, given its portfolio also includes Lookfantastic, Grow Gorgeous and Myprotein.

RY, which stands for “Recreate Yourself”, was founded in 2005 in the Australian state of Queensland and in addition to an online presence, it has two bricks-and-mortar stores.

READ MORE: The Hut Group valued at £2.5bn in latest funding push

The Hut Group founder and chief executive Matt Moulding said the acquisition was “another step towards our goal of being the number one in health and beauty globally”.

The Hut Group also doubled its valuation last week to £2.5 billion, after it sold a £125 million stake to asset management firm Old Mutual.

The retailer currently employs over 3000 staff, with ambitions to see its valuation double by 2019 alongside a 50 per cent increase in sales to £750 million this year.

Click here to sign up to Retail Gazette’s free daily email newsletter

LEAVE A REPLY

Please enter your comment!
Please enter your name here