Hot off an IPO, The Hut Group has purchased the Perricone MD brand for $60 million in cash. The transaction was far less then the $200 million number floated last December when reports emerged that Lion Capital was exploring a sale.
WHO: Founded in 1997 by dermatologist Dr. Nicholas Perricone, Perricone MD is a science-led topical skincare brand. The brand has approximately 100 product patents and is committed to no-animal testing, clean ingredients, and gluten-free formulations. His Perricone MD line also contains a range of supplements that have garnered a cult following over the years.
The Hut Group (THG) was founded in 2004 by Chief Executive Matthew Moulding and CFO John Gallemore, retails more than 8,000 brands, and operates more than 160 localized websites across 35 languages and 42 currencies. THG has become one of Europe’s largest online retailers of premium beauty brands.
WHY: Perricone MD is sold on the beauty website Lookfantastic.com, which THG also owns. Over the past 12 months, the brand has seen “very significant” sales growth on the website.
IN THEIR OWN WORDS: “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, specialty beauty brand owner and retailer,” said Matthew Moulding, Founder, Chairman, and Chief Executive Officer of THG. “Perricone MD has a strong heritage, a loyal customer base, and is a truly exciting addition to THG’s beauty portfolio.”
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