Health and beauty e-commerce firm The Hut Group (THG) acquired Germany-based beauty product subscription service Glossybox yesterday for an undisclosed amount, giving an exit to e-commerce holding company Rocket Internet.
Founded in 2011, Glossybox operates a service that delivers a monthly box of cosmetics products to subscribers based on their personal preferences as well as current trends. It also provides advice on beauty practices.
Glossybox operates in 10 core markets across Europe and North America, but THG intends to use its Berlin headquarters as the basis for a tech hub that will allow it to invest in new areas and expand internationally.
The company had raised $72.5m in financing from Rocket Internet, Holtzbrinck Ventures, the venture capital firm spun out of publisher Georg von Holtzbrinck, and investment firm Kinnevik as of the end of 2012. It has not revealed details of any later financing.
Matthew Moulding, founder and CEO of THG, said: “This is another significant investment for The Hut Group. In Glossybox, we have acquired a great brand, with a solid and engaged customer base that, once powered through our platform and marketing infrastructure, should be capable of further significant growth.”
Glossybox’s chief executive, Caren Genthner-Kappesz, added: “I am very excited about this acquisition.
“It was extremely important to us to find the right buyer for our brand; one that complements us and can use its retail know-how and technological capabilities to accelerate and strengthen Glossybox further in its journey of being a global industry-leading brand and a well trusted beauty advisor for our engaged subscribers.”