// The Hut Group adds to its beauty portfolio by acquiring Perricone MD for £46 million
// The Hut Group plans for Perricone MD to achieve double-digit EBITDA margins by end of the 2021 financial year
// Earlier this month, The Hut Group shares rose by almost a third following its Stock Exchange debut
The Hut Group has acquired luxury skincare brand Perricone MD for £46 million in an effort to boost its beauty portfolio.
The online retailer has a growing stable of beauty brands including ESPA, Illamasqua and Christophe Robin.
The Hut Group plans for Perricone MD to achieve double-digit EBITDA margins by the end of the 2021 financial year, in line with previous beauty acquisitions.
This marks The Hut Group’s first acquisition since its stock market float earlier this month.
“Perricone MD has a strong heritage, a loyal customer base and is a truly exciting addition to THG’s beauty portfolio,” The Hut Group chief executive Matthew Moulding said.
“The online beauty and skincare sector is growing rapidly, and this acquisition enables us to further strengthen our position as the world’s leading pure-play speciality beauty brand owner and retailer.”
Earlier this month, The Hut Group saw its shares rise by almost a third following its London Stock Exchange debut.
Moulding, who is both chief executive and chairman of the newly-listed firm named THG Holdings, become a billionaire after shares surged by almost a third, raising £1.9 billion and making it the UK’s biggest stock market float since 2017.