The Hut Group has acquired online beauty marketplace Cult Beauty for £275m and raised its full-year sales outlook as a result.

The Hut Group has acquired Cult Beauty from private shareholders including Net-a-Porter co-founder Mark Quinn-Newall and co-chief executive Alexia Inge for £275m on a cash and debt-free basis.

The etail and technology group, which floated last year, said that Cult Beauty’s selection of more than 300 luxury brands including Charlotte Tilbury and Drunk Elephant, two thirds of which are not currently listed on existing THG sites, represented “an opportunity to broaden consumer choice globally”.

As a result of its strong brand portfolio, Cult Beauty “will retain a very clear identity within THG Beauty” post-acquisition.

The retailer said that following the integration of Cult Beauty, which is expected to complete by the end of year, THG Beauty would serve US customers through its Dermstore and Lookfantastic brands, while customers in the UK, Europe and the rest of the world would be served by Lookfantastic and Cult Beauty.

Currently less than half of Cult Beauty’s sales come from overseas, which THG said “represents a compelling opportunity to accelerate overseas growth” through its Ingenuity platform.

As a result of its most recent acquisition, which is expected to contribute sales of £60m and adjusted EBITDA of £3m for the remainder of the financial year, THG said it expects full-year sales growth of between 38% and 41%, up from 30% to 35%.

THG executive chair Matthew Moulding said: “Cult Beauty is frequently the partner of choice for emerging indie brands due to its personalised, content-led approach and enthusiastic consumer base who are continually seeking new, innovative solutions to complement their beauty routines.

“Cult Beauty’s first-to-market reputation makes the brand an exciting fit for our THG Beauty division.”