The Hut Group set to buy Parisian haircare brand in £50m deal
Manchester-based The Hut Group has struck a deal worth more than £50m to buy luxury Parisian haircare brand Christophe Robin, according to Sky News.
The purchase of the brand, which counts Kylie Minogue among its prominent clients, would add to a stable of owned luxury beauty labels for THG including ESPA, Grow Gorgeous and Illamasqua and underline the company's status as Europe's largest retailer of premium beauty products.
Christophe Robin is understood to have recorded sales in 2018 of £13m, with annual growth of more than 40% in the last two years. Its products are stocked in international retailers including Sephora and Space NK.
THG has been a long-term partner of the French brand, which already sees more than a third of its total sales being conducted through THG's digital platform. Recently, the firm announced it had secured a $1bn banking facility aimed at funding global expansion plans.
The company recently invested £100m in building a new operations and manufacturing hub in Poland, as well as investing heavily in its Manchester base, where the majority of its 5,000-strong workforce is located.
THG delivered sales of more than £1bn in 2018, and the company is now estimated to be worth well over £4bn based on revenues and profitability. The company was set up in 2004 by Matthew Moulding and John Gallemore.