The Hut Group (THG) has announced it has acquired U.S. prestige skin care brand Perricone MD for $60 million in cash.
Previously: The Hut Group (THG) $2.4B IPO Breaks Record
Perricone MD is a science-led topical skin care brand that has reportedly 100 product patents.
According to THG, Perricone MD is profitable at the EBITDA level. THG anticipates minimal impact in the current financial year. Perricone MD is expected to be earnings accretive by the end of financial year 2021.
The acquisition comes as part of THG's strategy to acquire industry-leading brands and intellectual property and give them direct access to consumers across the globe.
Perricone MD will join THG's beauty portfolio of own brands, which includes ESPA, Christophe Robin, Grow Gorgeous, Illamasqua, Mio Skincare, Mama Mio, Eyeko and Ameliorate.
Matthew Moulding, founder, chairman and CEO of THG said: “Perricone MD has a strong heritage, a loyal customer base and is a truly exciting addition to THG’s beauty portfolio. The online beauty and skincare sector is growing rapidly, and this acquisition enables us to further strengthen our position as the world’s leading pure-play specialty beauty brand owner and retailer.”