The Hut Group has announced the acquisition of one of Australia and New Zealand’s biggest online beauty retailers, RY.com.au, according to a report published by Power Retail.

“We had been approached many times but always wanted to exit the business knowing that whoever was taking over had the same ambition as us to become the number one. After speaking and working with The Hut Group on the deal we could tell that they were going to do great things with RY.com.au,” RY Founder James Patten told Power Retail.

“We are delighted at the acquisition of RY.com.au, a leading player in the growing Australian haircare and beauty market and a business that complements our existing beauty websites such as LookFantastic and SkinCareStore,” said Founder and CEO of The Hut Group, Matthew Moulding.

The acquisition follows the purchase of Glossybox earlier this month, and The Hut Group is said to be planning ‘further significant investments in beauty’ this year.