The Hut Group has expanded again, adding Illamasqua to its fast-growing beauty empire, less than three months after it started a takeover spree. The online retailer purchased Illamasqua, for an estimated £25 million.
The acquisition is part of The Hut Group’s plans to spend around £400 million this year for various technology projects and beauty brands, compared to last year’s £250 million investment budget.
In August, the company acquired cosmetics subscription business Glossybox and just a week later it bought major Australian beauty retailer RY.
Last month, it took over luxury skincare brand Espa in a deal rumoured to be around £100 million.
The Hut Group’s founder and chief executive Matthew Moulding said: “In Illamasqua’s unwavering commitment to professional, high-quality products and creativity, not to mention its strong identity, we saw a business with a unique proposition and an opportunity to take a strong and dynamic brand to the next level.
“We are confident that, with our world-class e-commerce platform and large marketing infrastructure, we will deliver significant growth and further extend Illamasqua’s global customer base.
”This investment is another step in our ambition of becoming the world’s largest online retailer of health and beauty products by 2018.”
