|
THG PLC on Tuesday said it has struck a deal to acquire skincare brand Biossance for up to $20 million from biotechnology company Amyris Inc. The Manchester-based e-commerce firm said the acquisition is expected to complete in mid-December, while integration will take place in the first quarter of 2024. Amyris recently commenced voluntary Chapter 11 proceedings. An auction was held on November 30, in which THG was declared as the successful bidder for assets including intellectual property, inventory and debtors with a book value of $29 million. According to THG, since its inception, Biossance has generated global revenues of $300 million and is stocked in over 1,600 stores including Sephora, Harrods, Space NK, Douglas and Selfridge’s. THG Chief Executive Officer Matthew Moulding commented: ‘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... The fit within THG is perfect, with Biossance already generating [around $2 million] 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.’ Shares in TNG rose 0.2% to 78.38 pence each in London on Tuesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
