THG news and archive

THG shareholders agree to private Ingenuity spin off

Beauty and technology conglomerate THG has announced that the majority of its shareholders–amounting to 88.71 percent–have agreed to the demerging of its Ingenuity subsidiary. Plans for such a move emerged in THG’s latest H1 report, published back in September, in which it revealed an intention to make THG Ingenuity, the commerce-focused...

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THG to spin off Ingenuity into private company, reports continued growth in Q3

THG reported third quarter revenue of 433.1 million pounds, down 0.6 percent. The company however witnessed continued growth in THG Beauty and THG Ingenuity, with improving trends in THG Nutrition during the quarter. The company said in a statement that it is demerging Ingenuity into an independent private company at an equity valuation of up to...

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THG’s Lookfantastic unveils first physical store

Formerly online-only beauty retailer Lookfantastic has opened its first-ever physical store in Altrincham, Greater Manchester, where it is to reimagine various existing initiatives in a real-life setting. The concept store leans in on the success of popular events and pop-ups, Lookfantastic said in a release, with a space that intends to educate...

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THG's H1 revenues grow, mulls demerger of Ingenuity

THG Group revenue of 911.1 million pounds, increased by 2.2 percent in the first six month period, with 6 percent growth in beauty and external Ingenuity helping offset online nutrition. The company’s UK revenues grew strongly by 9.9 percent. As a part of THG's stated strategy to maximise shareholder value, the group is actively undertaking...

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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,...

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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...

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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...

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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...

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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...