Article courtesy of Retail Bulletin here
Retail and technology company The Hut Group has acquired US premium skincare brand Perricone MD for $60 million.
Founded in 1997, Perricone MD offers a range of skincare formulations and supplements and has around 100 product patents. The brand will be joining THG’s existing portfolio of own-brands that includes ESPA, Christophe Robin, Grow Gorgeous, Illamasqua, Mio Skincare, Mama Mio, Eyeko and Ameliorate.
Matthew Moulding, founder, chairman and chief executive of THG, said:“Perricone MD has a strong heritage, a loyal customer base and is a truly exciting addition to THG’s beauty portfolio. 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.”
Immediately post acquisition, THG will launch Perricone MD on its THG Ingenuity technology platform,
Moulding added: “Perricone MD will now benefit from the powerful and sustainable infrastructure of THG Ingenuity, which has a proven track record of scaling revenues and enhancing the margins of acquired brands.”