(Reuters) - The Hut Group (THG), the operator of cosmetics selling platforms such as lookfantastic.com and glossybox, has acquired skincare products maker Acheson & Acheson, as the British retailer aims for in-house production.
Acheson & Acheson, founded in 1992 by Fiona and Kenneth Acheson, makes skincare and haircare products and also owns the skincare brand Ameliorate, which is sold at Selfridges, Boots, Harvey Nichols and Marks & Spencer.
Ameliorate is included in the purchase and will subsequently be added to THG’s brand portfolio.
The privately held companies did not disclose the value of the deal in a statement on Monday.
Sky News reported bit.ly/2CbtiYZ on Sunday the deal would be worth about 50 million pounds to 100 million pounds ($64.54 million-$129.07 million).
The acquisition is the latest in a string of deals by Manchester-based THG, set up in 2004 by Chief Executive Matthew Moulding and John Gallemore.
It bought skincare and spa brand ESPA and subscription service Glossybox last year.
THG aims to spend 50 million pounds replicating Acheson & Acheson in Europe and the United States, it said.
The latest deal adds another 380 people to THG’s workforce, including a 50-member product development and innovation team.
($1 = 0.7748 pounds)
Reporting by Justin George Varghese in Bengaluru; Editing by Amrutha Gayathri