Shares of Manchester-based beauty and nutrition giant The Hut Group (THG) rose about 9% on Tuesday after it agreed to acquire Dermstore.com for $350 million (£260 million) in cash from US retailer Target Corporation.

The Hut Group also said it has acquired two of its long-standing UK-based nutrition product suppliers, Claremont Ingredients Limited and David Berryman Limited, for a combined £59.5 million in cash.

The Hut Group went public at £5 per share in September. Its shares rose another 9% on Tuesday to around £7.63 to give the company a stock market value of almost £7.5 billion.

The Hut Group, which employs more than 7,000 people, runs websites including lookfantastic.com, myprotein.com, espaskincare.com and coggles.com that sell beauty and nutrition products.

THG CEO Matthew Moulding said: “A key driver behind the decision to list THG on the London Stock Exchange just over three months ago was to enable the group to make major global investments, such as Dermstore.com.

“Accessing capital through a London listing has enabled us to accelerate our growth plans and build out a global leadership position within the exciting beauty industry.

“We are delighted to welcome Dermstore.com into our growing portfolio of online beauty assets.

“We are also pleased to announce the acquisitions of Claremont and Berryman’s.

“These two businesses are highly complementary, with Berryman’s accelerating our capabilities in drinks range development for the individual brands within THG Nutrition.

“Claremont will play a key role in developing flavours tailored to local tastes across the globe.

“Together these acquisitions will enable THG to significantly accelerate the launch of further product innovation to global markets, while increasing the proportion of THG Nutrition products wholly manufactured in-house.”