The London-listed owner of The Hut Group, the health and beauty e-commerce giant, will this week unveil the latest instalment in a blizzard of industry dealmaking: a £275m takeover of Cult Beauty.It will come two months after THG, which floated last autumn, struck a deal with the Japanese technology group SoftBank that provided it with a further $1bn warchest for strategic acquisitions.
Adding Cult to its portfolio, which also includes brands such as Lookfantastic, will cement THG's status as leader in the prestige beauty category.Cult, which was founded in 2007 by Alexia Inge and Jessica Deluca, sells about 300 independent brands, such as Charlotte Tilbury, Living Proof and Molton Brown.The pair launched it, in the words of Ms Inge, amid frustration about existing offerings in the market.
"One day Jessica and I decided to analyse our bathroom beauty stash and tot up the cost of the quarter-used products we'd wasted our hard-earned money on ," she said.
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