Online lifestyle retail firm The Hut Group has added another brand to its portfolio after closing in on a valuation of £2.5bn through a new funding round.
The group, which owns brands including high fashion retailer Coggles and beauty retail site Lookfantastic.com, has secured an investment of £125m from Old Mutual Global Investors, according to Sky News.
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Previous funding rounds have given the company a value of just under £1bn. The deal will make The Hut Group one of the UK’s highest-valued private companies.
The Cheshire-based company was set up in 2004 by Matthew Moulding and John Gallemore, now employing more than 3,000 people. It expects to have a head count of more than 6,000 by 2019.
As part of its acquisition spree, The Hut Group has bought up a raft of consumer brands and technology providers in the past few years including sports nutrition retailer Ideal. The portfolio is now set to become bigger with the addition of beauty subscription box startup Glossybox.
It emerged today that the firm has agreed to buy Glossybox from current owners Rocket Internet and Kinnevik Online for an unspecified sum.
The six-year-old company became profitable in 2015. It was founded by Charles von Abercron, who stepped down as chief executive in December 2015 to be replaced by Caren Genthner-Kappesz. It is understood that Genthner-Kappesz will stay on in her role after the sale.