THG, which owns Lookfantastic and Cult Beauty, has acquired skincare brand Biossance from US biotechnology group Amyris Inc for $20m (£15.8m).
The retailer has acquired the skincare brand including its IP, inventory and debtors in an auction and expects the deal to close by mid-December and complete integration of the brand by the first quarter of next year.
Biossance has generated global revenues of approximately $300m (£237.4m) since it was founded in 2015 and is available to buy in over 1,600 stores globally including Sephora, Harrods, Space NK, Douglas and Selfridges.
The brand is also available on its official website as well as being stocked on Lookfantastic and Cult Beauty.
THG chief executive Matt Moulding said: “We are delighted to acquire the pre-eminent skincare brand Biossance. The technology-led, clean chemistry formulations resonate with consumers globally, evidenced by a strong performance on our own retail sites.
“We have significant experience in prestige skincare as an innovator and manufacturer, and through our own brand portfolio including Perricone MD and Espa. We’re incredibly fortunate and excited to secure this opportunity to work with the Biossance team and further build on the brand’s strong awareness across the US.
“The fit within THG is perfect, with Biossance already generating $2m (£1.58m) in revenue across our retail sites in the past 12 months. Integration on to the Ingenuity platform will commence as soon as the deal is finalised.”
No comments yet