Perricone MD is a science-led topical skincare brand, that was founded in 1997 by dermatologist Dr. Nicholas Perricone.
With approximately 100 product patents, the brand has amassed a cult following over the years and now it finally seems to be paying off because The Hut Group has purchased the Perricone MD brand for $60 million in cash.
However, the transaction was far less then the $200 million number floated last December when reports emerged that Lion Capital was exploring a sale.
The Hut Group itself retails more than 8,000 brands, and operates more than 160 localised websites across 35 languages and 42 currencies. It has become one of Europe’s largest online retailers of premium beauty brands.
This deal may feel a little left field for some as Perricone MD has not always been the most talked about brand but the reason for the purchase “very significant” sales growth on the Lookfantastic.com, which THG also owns.
Matthew Moulding, Founder, Chairman, and Chief Executive Officer of THG had this to say of the deal, “Perricone MD has a strong heritage, a loyal customer base, and is a truly exciting addition to THG’s beauty portfolio.
The online beauty and skincare sector is growing rapidly, and this acquisition enables us to further strengthen our position as the world’s leading pure-play, specialty beauty brand owner and retailer.”