January 4, 2021
THG buys Dermstore.com from Target for US$350 million
THE WHAT? THG Holdings has announced that it has agreed to acquire Dermstore.com for US$350 million in cash from Target.
THE DETAILS The Group has acquired two of its long-standing UK-based nutrition product suppliers too, Claremont Ingredients and David Berryman for a combined purchase price of £59.5 million payable in cash.
“A key driver behind the decision to list THG on the London Stock Exchange just over three months ago was to enable the Group to make major global investments, such as Dermstore.com,” said Matthew Moulding, Chairman and CEO of THG. “Accessing capital through a London listing has enabled us to accelerate our growth plans and build out a global leadership position within the exciting beauty industry. We are delighted to welcome Dermstore.com into our growing portfolio of online beauty assets.
“We are also pleased to announce the acquisitions of Claremont and Berryman’s. These two businesses are highly complementary, with Berryman’s accelerating our capabilities in drinks range development for the individual brands within THG Nutrition. Claremont will play a key role in developing flavours tailored to local tastes across the globe. Together these acquisitions will enable THG to significantly accelerate the launch of further product innovation to global markets, while increasing the proportion of THG Nutrition products wholly manufactured in-house.”
THE WHY? The Dermstore acquisition enhances the four pillars of THG’s beauty strategy by substantially enhancing its relationships with the key global beauty brands, allows THG to scale up its beauty box business via the Dermstore customer base and provides an opportunity to accelerate the growth of THG’s own beauty brands via a new and large US customer base.
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