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Report: THG Acquiring Cult Beauty

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THG is acquiring Cult Beauty for £275 million.

The Hut Group will reportedly be acquiring Cult Beauty for £275 million, according to Sky News. ASOS was previously thought to be considering the purchase of Cult Beauty.

The media outlet reports that the acquisition comes two months after THG made a deal with Japanese technology group SoftBank that provided the former with $1 billion for strategic acquisitions.

The acquisition is reportedly said to benefit THG's e-commerce fulfillment division by "enabling it to forge closer ties with many of the brands sold by Cult."

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