The Hut Group acquires Perricone for £46m

The Hut Group has acquired Perricone MD, a US luxury skincare brand, in a $60m (£42m) deal.

The sale follows the online retailer’s recent acquisitions of ESPA and Christopher Robin.

Perricone MD describes itself as a ‘‘science-led’’ skincare brand and has approximately 100 product patents.

The Hut Group said it plans for the brand to achieve double-digit EBITDA growth margins by the end of the 2021 financial year, in keeping with previous beauty acquisitions.

Matthew Moulding, The Hut Group’s CEO and chairman, said: “Perricone MD has a strong heritage, a loyal customer base and is a truly exciting addition to THG’s beauty portfolio.”

“The online beauty and skincare sector is growing rapidly, and this acquisition enables us to further strengthen our position as the world’s leading pure-play speciality beauty brand owner and retailer.”

He added: “Perricone MD will now benefit from the powerful and sustainable infrastructure of THG Ingenuity, which has a proven track record of scaling revenues and enhancing the margins of acquired brands.”