The Hut Group completes acquisition of Dermstore
Online health and beauty retailer The Hut Group has completed its acquisition of Dermstore.com.
The group announced in December that it had agreed to acquire the US skincare and beauty specialist from Target Corporation for $350 million as part of plans to increase the scale of its beauty box business.
In a statement issued today, Matthew Moulding, The Hut Group executive chairman and chief executive, said: “We are delighted to welcome the Dermstore.com team to THG and accelerate our ambition to be the global digital partner of choice across the beauty industry.
“THG’s acquisition of the US number 1 pure-play online prestige skincare business means over 20% of the group’s sales are now within the US, presenting an exciting opportunity to further scale the wider group in a key global market.”
