Glossybox bought by The Hut Group
The Hut Group, a British specialist in health, beauty and fashion e-tailing (owner of Myprotein and Lookfantastic.com), has recently bought Glossybox from its majority shareholders, Rocket Internet and Kinnevik, for an undisclosed amount.
Founded in 2011 in Germany, Glossybox sells beauty kits on a subscription basis and is currently present in 11 countries. At the end of 2013, Glossybox chose to concentrate on its main markets and withdrew from fifteen other countries, among them Brazil, China, Italy and the Netherlands, where its renowned beauty box was not as popular as expected. This strategic decision brought the company back to profitability in 2014.
"This acquisition represents a significant investment for The Hut Group. With Glossybox, we have added to our portfolio a strong brand with an engaged, loyal customer base which, thanks to our digital and marketing expertise, we expect to expand," said Matthew Moulding, founder and CEO of The Hut Group.
Very recently, Sky News reported that the Hut Group had raised GBP125 million in capital (€137 million) from Old Mutual Global Investors, raising the valuation of the group founded in 2004 to GBP2.5 billion. The Hut Group did not confirm the news. However, in 2016, The Hut Group's revenue rose to GBP501 million, up by 50%.
Caren Genthner-Kappesz, the CEO of Glossybox, said that The Hut Group's digital savvy would allow Glossybox to strengthen.
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