THG PLC has acquired prestige skincare brand Biossance for 20 million US dollars from US biotechnology group Amyris Inc., which recently entered Chapter 11 bankruptcy proceedings.
The digital-first consumer brands group acquired the skincare brand through an auction held on November 30, securing assets, including IP, plus inventory and debtors with a book value of 29 million US dollars.
Matthew Moulding, chief executive of THG, said in a statement: “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.”
Biossance offers a curated skincare range of cleansers, creams and serums centred on its innovative ingredient technology and a commitment to sustainability, with price points ranging from 15 to 74 US dollars.
Since its inception in 2015, Biossance has generated global revenues of 300 million US dollars and is currently stocked in more than 1,600 stores globally, including Sephora, Harrods, Space NK, Douglas and Selfridges, as well as online through its own e-commerce and Lookfantastic and Cult Beauty.
Moulding added: “The fit within THG is perfect, with Biossance already generating c. 2 million US dollars 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.”
The deal is expected to close in mid-December, with integration expected to completed in Q1 2024.
Other beauty brands in the THG group include online retail websites Lookfantastic, Dermstore, Cult Beauty and the beauty subscription box brand Glossybox.