The Hut Group (THG) has announced that it has signed an agreement to acquire beauty subscription service Glossybox from majority shareholders Rocket International and Kinnevik Online. Terms of the deal were not disclosed.
The acquisition is strategic, says The Hut Group, allowing it to extend its international reach – with THG converting Glossybox’s Berlin headquarters into a tech hub for the group.
“This is another significant investment for The Hut Group. In Glossybox we have acquired a great brand, with a solid and engaged consumer base that, once powered through our platform and marketing infrastructure should be capable of further significant growth,” said Matthew Moulding, Founder and CEO of The Hut Group.
“At THG we have a relentless focus on both Technology and Beauty. With our world-class proprietary e-commerce platform, we are confident we will continue to deliver strong growth and extend our global reach.”