The Hut Group Founder Matthew Moulding is planning to build an empire to rival US prestige beauty giant The Estee Lauder Companies, according to a report published in The Sunday Times.
“Estee Lauder turns over US$12 billion,” Moulding told The Sunday Times. “No one will see it today but if we can be half their size in three, four, five years, that would be amazing.
“If we’re 40 percent or 30 percent, it would still be stunning. We would be making double their profit because we cut out the retailers – the customer’s ours.”
The Hut Group is valued at £3.3 billion today, 14 years after its inception as an online CD / DVD retailer. Last year, the group pulled in sales pf £736 million and underlying earnings rose 38 percent to £69 million, per The Sunday Times.