// The Hut Group finalises acquisition of US online skincare and beauty retailer Dermstore
// The acquisition will accelerate the retailer’s plans to become the “global digital partner of choice” in the beauty industry
The Hut Group has completed its acquisition of US online skincare and beauty retailer Dermstore.
The online health and beauty retailer agreed to acquire the US business from supermarket giant Target for a total of $350 million (£251 million).
The acquisition is part of The Hut Group’s plans to increase the scale of its beauty box business.
READ MORE: The Hut Group lifts revenue forecast for third time since IPO
It will also accelerate the retailer’s plans to become the “global digital partner of choice” in the beauty industry.
Dermstore.com is an online pureplay retailer for premium, professional-grade skincare products and specialist beauty brands.
“We are delighted to welcome the Dermstore.com team to THG and accelerate our ambition to be the global digital partner of choice across the beauty industry,” The Hut Group executive chairman and chief executive Matthew Moulding said.
“THG’s acquisition of the US number 1 pure-play online prestige skincare business means over 20 per cent of the group’s sales are now within the US, presenting an exciting opportunity to further scale the wider group in a key global market.”
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