The Hut Group snaps up major beauty retailer

The Hut Group has bolstered its beauty offer, acquiring a major Australian beauty retailer just one week after buying Glossybox.

It has acquired one of Australia’s biggest beauty retailers, RY.com.au, making it the number one health and beauty retailer in the country.

“RY” stands for “Recreate Yourself”. Founded in 2005, the retailer has two bricks-and-mortar stores in Queensland, Australia in addition to its online presence.

The Hut Group founder and chief executive Matt Moulding said the acquisition was “another step towards our goal of being the number one in health and beauty globally”.

The group’s health and beauty offer already includes Lookfantastic, Grow Gorgeous and Myprotein.

Just last week, it acquired cosmetics subscription business Glossybox as it doubled its valuation thanks to investment from Old Mutual.

The online retail empire sold a £125m stake to the asset management business, taking its overall valuation to £2.5bn.

This investment made the etail group, which has previously been valued at just shy of £1bn, one of the UK’s largest privately owned companies.

The Hut Group reported a 67% leap in full-year profits in May and is on track to invest around £400m this year across technology projects and beauty brands.

Read the full article here