THG has bought skincare brand Biossance in a deal worth up to $20m.
The ecommerce group acquired the company from US biotechnology group Amyris, which recently entered Chapter 11 bankruptcy proceedings.
THG snapped up Biossance assets including IP, as well as inventory and debtors with a book value of $29m.
Biossance has generated global revenues of $300m since it was founded in 2015, with its range of curated skincare products, including cleansers, creams and serums, selling for between $15 to $74.
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The products are sold online and are stocked in over 1,600 stores globally, including Sephora, Harrods, Space NK, Douglas and Selfridges.
THG chief executive Matt Moulding said: “We have significant experience in prestige skincare as an innovator and manufacturer, and through our own brand portfolio including Perricone MD and ESPA.
“We’re incredibly fortunate and excited to secure this opportunity to work with the Biossance team and further build on the brand’s strong awareness across the US.
“The fit within THG is perfect, with Biossance already generating c. $2 million in revenue across our retail sites in the past 12 months. Integration onto the Ingenuity platform will commence as soon as the deal is finalised.”
The deal is expected to close in mid-December.
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