Online beauty business, The Hut Group Limited, has announced a £515m revolving credit facility.
The group will use the £515m for ‘general corporate purposes’ and infrastructure development, as well as strategic initiatives and further acquisitions.
It has already acquired four companies in less than three months. Earlier this month it purchased Illamasqua for an estimated £25m, and in August it acquired subscription business Glossybox and Australian beauty retailer RY. In September the group bought luxury skincare brand ESPA.
Now the retailer expects to double in size by 2019 and hopes to see sales grow 50% this year.
The Hut Group continues to invest in its own brand proposition, particularly its beauty portfolio, which is powered by its e-commerce platform.
The platform, which generates global consumer demand insights, has grown significantly in 2017 and now trades on over 140 websites across 47 languages and 30 currencies. Consequently, international sales at THG now account for 73% of the Group’s overall sales.
Matthew Moulding, founder and CEO of The Hut Group, said: “The continued confidence in the strength of our business shown by HSBC, Barclays, Santander, Lloyds, RBS, Bank of Ireland and Silicon Valley Bank is testament to their belief in our ambitions and ability to deliver. We are extremely pleased by the additional support of Citibank, AIMCo and JP Morgan, all of which are international banks, and further support our transformation into a truly Global Group.
“This year has seen a real acceleration in investment for THG, especially across Beauty, infrastructure, technology and talent. This substantial new credit facility is another important step for the Group and provides us with even more firepower to pursue our ambitions for further significant international growth.”
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