The Hut Group has hit the acquisitions trail once more, buying male grooming and skincare etailer Mankind Direct for £2.5m to take pole position in the UK's online health and beauty market.
Mankind is the largest male grooming and skincare business in the UK, with sales of more than £5m over the last year. The company sells luxury brands from two sites, Mankind.co.uk and BeautyExpert.co.uk.
The acquisition sees The Hut Group expand its portfolio of consumer goods sites further into the health and beauty sector. Earlier this year the company bought the Look Fantastic Group for £19.4m and the group says this latest purchase makes it the UK’s largest online retailer in women’s and men’s health and beauty, with annual sales in the sector now totalling more than £25m.
In a statement The Hut Group said the buy would bring it “a fantastic range of luxury brands.”
Clearwater Corporate Finance advised Mankind’s shareholders on the sale. Partner Marc Gillespie, who led the Clearwater team, said: “Mankind is a business with a well-targeted proposition which has enjoyed solid growth since it was established in 2001. This acquisition will allow Mankind access to The Hut Group’s market-leading ecommerce platform and its comprehensive customer database, offering notable opportunities to further build market share both at home and abroad.”
The Hut Group portfolio of sites includes iwantoneofthose.com, thehut.com and zavvi.com.