Manchester’s Hut Group grows sales 24% to £1.1bn

The Hut Group CEO Matthew Moulding

Manchester-based consumer brand and technology firm The Hut Group (THG) said on Wednesday its sales rose 24% to £1.14 billion and gross profit increased 22% to £511 million in the year to December 31, 2019.

International sales now comprise 66% of The Hut Group’s business.

Privately-owned THG has institutional shareholders that include BlackRock, Old Mutual, Sofina, KKR and Balderton Capital.

“By the end of 2019, THG employed more than 7,000 people having created approximately 1,500 new roles in the year,” said THG.

“In March 2020, the group also created more than 500 new positions across its manufacturing and distribution sites with a particular focus on applicants in the North West who had lost their jobs as result of the economic pressures surrounding the Covid-19 outbreak …

“THG employs colleagues representing 108 nationalities and is on course to create a further 2,000 new jobs in 2020.”

The Hut Group now operates over 200 localised websites, retailing goods in 169 countries.

More than half of THG’s sales come from its own brand products.

THG owns Lookfantastic and Myprotein amongst other brands operating primarily in the beauty and wellbeing sector.

Matthew Moulding, founder and CEO of The Hut Group, said: “It has been a year of significant progress across the group.

“We have continued to make huge investments to develop our infrastructure, technology, brands and people, which continue to deliver substantial growth, with group sales of £1.1bn in 2019.

“THG has continued to develop our end-to-end technology platform, THG Ingenuity, which powers both our own brands and a growing number of major global consumer groups.

“We have significantly expanded our global fulfilment capability, broadening our reach to customers in 169 countries.

“THG has also made important investments in our THG Experience portfolio, expanding the offering of our influencer platform, bringing over 5,000 influencers currently to both our own and our partner brands. 

“Our people are the key to our success, and we have continued to invest in our talented teams.

“The development of the THQ business campus continues at pace and demonstrates our commitment to investing in our people.

“THG has an excellent platform for growth with an outstanding portfolio of prestigious brands, powered by THG Ingenuity.”

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.