THG news and archive

THG prepares to cut more jobs across business

Beauty and tech group THG is preparing to make a series of additional job cuts across the business as part of an ongoing cost-saving review. A new report by the Financial Times suggested that around 171 jobs are at risk of being cut, bringing the total of its cut workforce to almost a third. Employees across six divisions of the LookFantastic...

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THG sees strong H1 trading, partners with Frasers Group

THG Group has announced the company made further progress in the first six months of 2024 in line with previous revenue guidance, and the second quarter is expected to represent the third consecutive quarter of year-on-year revenue growth. The company said in a statement that the performance is underpinned by positive trading within the beauty,...

Business

THG delivers 4.5 percent Q1 sales increase

Overall THG Group achieved first quarter revenue growth of 4.5 percent to 455.4 million pounds. The company said in a release that THG Beauty delivered a growth of 11.1 percent to 267.6 million pounds following targeted changes to geographic strategy through 2023, focusing on more profitable customers and territories closest to the global...

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THG manages to narrow FY23 losses, revenues drop

THG Group’s preliminary revenue declined 8.4 percent, while the group’s continuing revenue of 1,983.7 million pounds, declined 2.8 percent as the company prioritised profitable sales and territories reflected in the higher quality EBITDA. Fourth quarter revenue improved 1.1 percent. The company said in a statement that the UK was a key growth...

Business

THG Ingenuity chief steps down

Vivek Ganotra, the chief executive officer of THG Ingenuity, has stepped down from the role after just two years. Ganotra had first been appointed to the position at the technology firm back in June 2022, joining from Salesforce where he most recently served as SVP and chief customer officer, UK&I. A spokesperson for THG confirmed the news to...

Business

THG’s revolving credit facility extended to May 2026

THG has confirmed the extension of its revolving credit facility (RCF) by 17 months to May 2026. The company said in a release that the 170 million pounds facility remains undrawn since IPO, and there will be no changes to the financial covenants or interest margin beyond the existing maturity date. From December 2024, the facility will be 150...

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Ingenuity names first chairman to support growth

Ingenuity, the complete commerce business of THG plc, has appointed technology and payments entrepreneur Alistair Crane as its first chairman to support plans to accelerate growth in core markets, including the US. Crane, currently chief executive of digital career coaching business Bloom, joined THG on January 2 and has been appointed to...

Business

THG reportedly planning to cut 160 jobs

Beauty and technology firm THG is believed to be planning to axe 160 jobs across a number of its teams as it continues to embark on a turnaround strategy. According to a report by the Warrington Guardian, the group is looking to cut around 60 marketing and sales roles within its online and technology subsidiary, while consultations are already...

Business

THG stands by director Iain McDonald despite shareholder opposition

Digital retail firm THG has said that it would continue on with Iain McDonald as a director of the company, despite facing opposition from shareholders. In June 2023, a quarter of the company’s shareholders had voted against McDonald’s re-election, and despite the executive agreeing to step down from THG’s Remuneration Committee, the company is...

Business

THG activist shareholder continues break-up campaign

An activist shareholder for struggling THG has amped up its campaign surrounding the beauty tech company’s potential break-up plans. Investment firm Kelso wrote to the THG board requesting a statement on its proposal to potentially de-merge its three divisions, consisting of a beauty business, nutrition subsidiary and e-commerce service platform...

Business |Beauty

THG acquires skincare brand Biossance

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...

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THG Q3 revenue falls, but full-year outlook remains unchanged

British retail giant THG has reiterated its full-year guidance despite reporting a 4.4 percent drop in revenue in the third quarter of the year. The group, which owns a number of fashion, beauty, and nutrition brands including Lookfantastic and Myprotein, said its performance improved progressively each month of the quarter. Despite the drop,...