The global online boom has carried THG Holdings along on the crest of the wave.
Formerly known as The Hut Group, the company recently changed its name to THG Holdings.
Europe’s largest online health and beauty retailer, the company is also the owner of the ESPA, Illamasqua and Eyeko beauty and skincare brands. In addition to the Lookfantastic Group and RY.com.au, Australia’s largest haircare and skincare online store.
THG Holdings launched an IPO (initial public offering) on the London Stock Exchange last week. The biggest float on the famous bourse since Allied Irish Bank‘s offering three years ago, says Bloomberg, the international financial news agency.
With expectations that the current online bonanza will continue unabated, THG raised US$2.4 billion, sending shares surging by 32 per cent.
There was plenty of interest from global tech investors. THG was seen as a “hot stock” because of its technology platform that enables it to offer solutions for big, fast-moving consumer goods companies, rather than just its online retail business, noted Colin McLean, chief investment officer at SVM Asset Management.
The IPO valued THG Holdings at US$6.99 billion. Founder and CEO, Matthew Moulding, who owns a 25.1 per cent stake, is now a newly-minted billionaire.