The Hut Group is set to reveal yet another acquisition deal, this time with luxury skincare brand Espa, less than a month after it acquired cosmetics businesses RY and Glossybox.
According to Sky News, the health and beauty online retailer acquired Espa in a deal rumoured to be more than £100 million, which is set to be unveiled later this week.
It’s part of The Hut Group’s plans to splash out around £400 million this year for various technology projects and beauty brand acquisitions, compared to last year’s £250 million investment budget.
In August, the retailer snapped up cosmetics subscription business Glossybox and just a week later it bought major Australian beauty retailer RY.
The latest addition, Espa, is a UK-based skin care brand sold in upmarket retailers like John Lewis and Harvey Nichols and is also stocked in more than 700 spas around the world.
In May, The Hut Group recorded a 67 per cent jump in profits and just last month, it achieved a £2.5 billion valuation mark after selling a £125 million stake to Old Mutual Group Investors.