LONDON (ShareCast) - (Sharecast News) - THG said on Wednesday that it has agreed to buy online beauty retailer Cult Beauty for £275m in cash.
The business is being bought from private shareholders including majority investor Mark Quinn-Newall and co-chief executive Alexia Inge.

THG said Cult Beauty is the authorised online retailer of around 300 prestige third-party brands across skincare, haircare and cosmetics, including Charlotte Tilbury, Drunk Elephant and Huda Beauty, around two-thirds of which are not currently listed on existing THG Beauty sites, "representing an opportunity to broaden consumer choice globally".

THG's executive chairman and CEO Matthew Moulding said: "Cult Beauty is frequently the partner of choice for emerging indie brands due to its personalised , content-led approach and enthusiastic consumer base who are continually seeking new, innovative solutions to complement their beauty routines.

"Cult Beauty's first-to-market reputation makes the brand an exciting fit for our THG Beauty division. When retailing brands to consumers THG Beauty will run with two unique fascias within our main continents: THG will principally service customers within North America via our Dermstore and Lookfantastic brands, while in the UK, Europe, Asia and the Rest of the World the key brands will be Lookfantastic and Cult Beauty."

At 0840 BST, THG shares were up 3.6% at 600.50p.

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