The Hut Group (“THG,” or the “Group”) acquires Glossybox from majority shareholders Rocket Internet and Kinnevik Online. The Hut Group will add Glossybox to its portfolio of subscription businesses, which includes Lookfantastic, Beauty Box, MyGeekBox, and PopInABox.
WHO: Berlin-based Glossybox was founded in 2011, growing into Europe’s number-one subscription beauty box. Developing a strong brand, Glossybox has created a platform connecting beauty enthusiasts, brands, and influencers. Today, Glossybox is the market leader in Europe and has subscribers in Germany, Austria, Switzerland, France, the UK, Ireland, Sweden, Norway, the US, and Canada, and has relationships with over 500 international beauty brands.
Built on a foundation of proprietary industry-leading technology, a world-class team, and a scientific approach to building global brands, The Hut Group was founded in 2004 by Matthew Moulding and John Gallemore and operates more than 140 web sites that sell health- and beauty-related products.
WHY: THG plans to invest in talent and leverage Glossybox’s Berlin office, evolving it into a tech hub for the Group.
IN THEIR OWN WORDS: Matthew Moulding, Founder and Chief Executive Officer of The Hut Group, said in a release: “This is another significant investment for The Hut Group. In Glossybox, we have acquired a great brand, with a solid and engaged customer base that, once powered through our platform and marketing infrastructure, should be capable of further significant growth.”
Caren Genthner-Kappesz, CEO of Glossybox, said: “I am very excited about this acquisition. It was extremely important to us to find the right buyer for our brand; one that complements us and can use its retail know-how and technological capabilities to accelerate and strengthen Glossybox further in its journey of being a global industry-leading brand and a well-trusted beauty advisor for our engaged subscribers.
- The Hut Group acquired Glossybox from majority shareholders Rocket Internet and Kinnevik Online.
- According to WWD, Glossybox is said to have about 50 million pounds in revenue and is growing at more than 30% annually.
- Terms of the deal were not disclosed.
- The Hut Group posted 501 million pounds in sales for 2016.
Read the release on The Hut Group website.