WHO: Dermstore was founded in 1999 by board-certified dermatologist Craig A. Kraffert with the aim of making professional-grade skincare accessible. The site offers curated content, and with a portfolio of prestige and professional skincare products as well as cosmetics and haircare, it is considered a destination for professional skincare brands. In a 2013 transaction, Dermstore become a wholly owned subsidiary of Target, while operating as a separate entity.
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. Other holdings include Eyeko, Illamasqua, ESPA, SkinStore, RY, Glossybox, Lookfantastic.com, and Grow Gorgeous, Ameliorate, Acheson & Acheson, Christophe Robin, and Perricone MD.
WHY: THG said that with its stated ambition to be the global digital partner of choice across the beauty industry, powering the channel shift from offline to online, the acquisition boosts its strategy. It also “substantially enhances” its relationships with key global beauty brands while speeding up the growth of its own brands through Dermstore’s large US customer base.
IN THEIR OWN WORDS: Chairman and CEO Matthew Moulding said: “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. 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.”
2 Article(s) Remaining