Manchester-based consumer brand and e-commerce giant The Hut Group (THG) on Wednesday announced the acquisition of US skincare brand Perricone MD for $60 million in cash.
The Hut Group went public earlier this month in a £5.4 billion initial public offering (IPO).
“Founded in 1997, Perricone MD is a science-led topical skincare brand,” said THG.
“Its skincare formulations and supplements address a broad range of dermatological needs, supported by extensive clinical and consumer studies.
“The brand has approximately 100 product patents and is committed to no-animal testing, clean ingredients and gluten free formulations.”
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.
“Perricone MD has a strong heritage, a loyal customer base and is a truly exciting addition to THG’s beauty portfolio,” said THG CEO Matthew Moulding.
“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 speciality beauty brand owner and retailer.”