THG plc

Corporate brand

British e-commerce group and brand owner focused on beauty and nutrition, with a history of providing digital commerce, fulfilment, and technology services.

Last updated October 16, 2026

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Overview

THG plc, originally known as The Hut Group, is a British e-commerce group and owner of consumer brands headquartered in Manchester, England. Its principal operating businesses are THG Beauty and THG Nutrition. The group sells its own and third-party products through international online stores, while its historical technology and logistics arm, THG Ingenuity, supplied e-commerce infrastructure, fulfilment, manufacturing support, and digital services to THG and external clients. The company was established in Manchester in 2004 by Matthew Moulding and John Gallemore. It initially sold CDs and DVDs online and developed white-label web stores for large retailers. This early model included operating a warehouse in Guernsey, which benefited from the VAT treatment then applying to low-value imported goods. Changes in consumer technology and the growing importance of smartphones weakened the original media-retailing model. THG responded by acquiring online retailers and moving them onto its systems, warehouses, and commercial infrastructure. Notable acquisitions included Zavvi in 2009, Lookfantastic in 2010, and Myprotein in 2011. The group increasingly concentrated on beauty, nutrition, and lifestyle commerce. These categories offered repeat purchases, opportunities for proprietary products, and international expansion through localized websites. THG developed a vertically integrated model combining brand ownership, online retail, product development, manufacturing, fulfilment, marketing, and customer service. Its beauty activities have included the Lookfantastic, Cult Beauty, and Dermstore stores, subscription services such as Glossybox, and proprietary or controlled brands including Ameliorate, Biossance, Christophe Robin, ESPA, Grow Gorgeous, and Perricone MD. Its nutrition operations have been led by Myprotein and have also included Myvitamins and MP Activewear. Before its public listing, THG attracted investment from institutions and business figures including KKR, Balderton Capital, BlackRock, Sofina, and Old Mutual Global Investors. The group floated on the London Stock Exchange on 16 September 2020 in one of the largest London listings of its period. The IPO generated substantial proceeds for the company and existing shareholders, but the business later faced investor concerns over governance, valuation, strategy, and the separation of its operating divisions. A sharp share-price decline followed a 2021 capital markets presentation, and Charles Allen replaced Moulding as chairman in March 2022 while Moulding remained chief executive. From 2023 onward, THG simplified its portfolio. Its OnDemand division, including stores such as Zavvi, IWOOT, My Geek Box, Pop In A Box, and Very Neko, was sold to its existing leadership team with financial backing from Gordon Brothers. ProBikeKit was sold separately to Frasers Group. In 2024, THG sold its Luxury division, including Allsole, Coggles, MyBag, and The Hut, to Frasers Group. In January 2025, THG Ingenuity was demerged into a privately owned, stand-alone business. THG plc therefore remains primarily associated with its beauty and nutrition businesses, while its former technology and logistics platform operates separately.

History

THG was founded in Manchester in 2004 by Matthew Moulding and John Gallemore with an initial investment of £500,000. The company began as an online retailer of CDs and DVDs and also built white-label websites for established retailers such as Asda, Argos Entertainment, Tesco, and WHSmith. Its early logistics model included a warehouse in Guernsey, where low-value goods could benefit from the VAT rules then in effect. The rise of the iPhone and mobile commerce weakened the economics of the group's original media-retailing model. THG shifted toward acquiring online retailers and integrating them into its existing technology, warehouse, and fulfilment network. It acquired Zavvi in 2009, Lookfantastic in 2010, and Myprotein in 2011. The Myprotein acquisition became particularly important as THG moved toward sports nutrition, health, wellness, and beauty, sectors with repeat-purchase potential and scope for international localization. During the 2010s, THG expanded through acquisitions, proprietary brand development, and investment in vertically integrated capabilities. The group attracted funding from KKR, Balderton Capital, BlackRock, Sofina, and Old Mutual Global Investors. By 2017, it was valued at more than £2.5 billion and was regarded as one of the United Kingdom's prominent private technology and e-commerce companies. THG completed its initial public offering on the London Stock Exchange on 16 September 2020. The listing was the largest on the exchange since 2013 according to the cited reference material. Although the shares rose on the first trading day, the company later encountered substantial investor skepticism. Its share price declined significantly during 2021, and a capital markets day in October that year was followed by a further sharp fall. Criticism also focused on governance and the relationship between the company and its founder. Charles Allen replaced Moulding as chairman in March 2022, while Moulding retained the chief executive role. The group subsequently began narrowing its portfolio. In 2023 it sold the OnDemand division, which included IWOOT, My Geek Box, Pop In A Box, Very Neko, and Zavvi, to its existing leadership team with Gordon Brothers providing financial backing. ProBikeKit was sold separately to Frasers Group. In 2024, THG disposed of its Luxury division, including Allsole, Coggles, MyBag, and The Hut, also to Frasers Group. In January 2025, THG Ingenuity was demerged from THG plc and became a privately owned stand-alone business. THG plc's continuing identity is consequently centered on its Beauty and Nutrition divisions, while Ingenuity operates separately from the listed company.

2025
Ingenuity demerged
[1]THG plcen.wikipedia.org
THG Ingenuity became a privately owned stand-alone business outside THG plc.
2024
Luxury division sold
[1]THG plcen.wikipedia.org
Frasers Group acquired THG's Luxury division and its associated webstores.
2023
Portfolio disposals begin
[1]THG plcen.wikipedia.org
THG sold its OnDemand division and separately disposed of ProBikeKit.
2022
Chairmanship changes
[1]THG plcen.wikipedia.org
Charles Allen replaced Matthew Moulding as chairman, with Moulding continuing as chief executive.
2021
ICON Technology Campus opens
[1]THG plcen.wikipedia.org
THG opened its purpose-built headquarters campus near Manchester Airport.
2020
Initial public offering
[1]THG plcen.wikipedia.org
The company listed on the London Stock Exchange and became a public company.
2017
Private-company valuation exceeds £2.5 billion
[1]THG plcen.wikipedia.org
THG became one of the United Kingdom's highest-valued private companies and a prominent e-commerce unicorn.
2014
KKR takes a major stake
[1]THG plcen.wikipedia.org
KKR acquired a 19.2 percent stake in The Hut Group; Balderton Capital held a stake of the same size.
2011
Acquisition of Myprotein
[1]THG plcen.wikipedia.org
THG acquired Myprotein, which became the central brand of its nutrition division.
2010
Acquisition of Lookfantastic
[1]THG plcen.wikipedia.org
Lookfantastic joined THG and became one of the group's principal international beauty e-commerce stores.
2009
Acquisition of Zavvi
[1]THG plcen.wikipedia.org
THG acquired Zavvi as part of its shift toward consolidating online retail businesses.
2004
Company founded in Manchester
[1]THG plcen.wikipedia.org
Matthew Moulding and John Gallemore established the business as an online media retailer and e-commerce services provider.

Products and positioning

A vertically integrated, multi-brand digital commerce group serving beauty, nutrition, and wellness markets through localized online retail, proprietary brands, and specialized product-development capabilities.

Beauty e-commerce and brands
THG Beauty
THG Beauty sells cosmetics, skincare, haircare, and fragrances through international online stores and proprietary brands. Its retail portfolio has included Lookfantastic, Cult Beauty, Dermstore, and Glossybox. The division localizes pricing, promotions, content, influencers, customer support, delivery, and payment methods for different markets. THG has also operated product-development and manufacturing facilities supporting its own brands and third-party customers.
Sports nutrition
Myprotein
Myprotein is THG Nutrition's leading sports-nutrition brand. Its assortment is centered on supplements and related products sold through localized direct-to-consumer websites. The brand helped establish THG's international nutrition business and provided a platform for adjacent health, wellness, and active-lifestyle products.
Vitamins and wellness
Myvitamins
Myvitamins is THG Nutrition's supplements and wellness brand. It extends the group's nutrition proposition beyond sports performance into everyday vitamins and health products, using the same localized online-retail and vertically integrated operating model.
Activewear
MP Activewear
MP Activewear is the group's active-lifestyle apparel offering associated with THG Nutrition. It complements Myprotein and other nutrition products by serving customers interested in training, fitness, and broader active living.
Online beauty retailer · 2010
Lookfantastic
Lookfantastic is an international online beauty retailer acquired by THG in 2010. It offers third-party and THG-owned beauty products and has supported localized websites, subscription services, editorial content, promotions, and influencer-led marketing.
Online beauty retailer
Cult Beauty
Cult Beauty is a THG Beauty online store focused on curated cosmetics, skincare, haircare, and related products. It forms part of the group's multi-store international beauty retail architecture.
Online beauty retailer
Dermstore
Dermstore is an online beauty and skincare retailer within THG Beauty's portfolio. It has also been associated with a subscription service intended to encourage product discovery and repeat purchasing.

Controversies

2021
Governance and property-related investor concerns
Investors questioned THG's governance arrangements and a property transaction involving founder and chief executive Matthew Moulding. Moulding sold property assets to himself and was reported to lease them back to the company. These concerns formed part of wider scrutiny of the group's governance and corporate structure.
Source
2014
Myprotein acquisition litigation
THG sued Myprotein founder Oliver Cookson and an offshore trust over alleged overstatement of the business's profits before its acquisition. Cookson counterclaimed for breach of warranty and fraudulent misrepresentation. After a High Court trial, Cookson achieved an overall net result in his favour and the court ordered THG to make a substantial payment toward damages and costs. An appeal was dismissed in 2016.
Source

2025
Demerger of THG IngenuityM&A
Background
THG sought to separate its technology and logistics operations from the consumer businesses remaining in the listed company.
Action taken
THG Ingenuity was demerged into a privately owned, stand-alone business.
Aftermath
THG plc became more narrowly focused on its Beauty and Nutrition divisions, while Ingenuity continued outside the listed group.
Source
2024
Sale of the Luxury divisionM&A
Background
THG continued to reduce its exposure to non-core online retail categories.
Action taken
THG sold its Luxury division, including Allsole, Coggles, MyBag, and The Hut, to Frasers Group.
Aftermath
The transaction further focused the listed group on beauty and nutrition.
Source
2023
Sale of OnDemand and ProBikeKitM&A
Background
THG began simplifying its portfolio and concentrating on its principal beauty and nutrition activities.
Action taken
The OnDemand division was sold to its existing leadership team with Gordon Brothers financing, while ProBikeKit was sold separately to Frasers Group.
Aftermath
The divested businesses were expected to continue as clients of THG Ingenuity, while THG retained Arrow Films within Ingenuity.
Proceeds from the disposals. £4 million (2023)
Source
2022
Governance leadership changeStrategy
Background
Investor criticism focused on THG's governance and the concentration of influence around its founder.
Action taken
Charles Allen replaced Matthew Moulding as chairman, while Moulding remained chief executive.
Aftermath
The change separated the chairman and chief executive roles but did not remove Moulding from operational leadership.
Source
2020
Public listing on the London Stock ExchangeOther
Background
After years of private expansion through acquisitions, brand development, and institutional investment, THG pursued a public-market listing.
Action taken
THG completed its initial public offering on 16 September 2020.
Aftermath
The shares rose on the first trading day, but the group subsequently faced valuation, governance, and strategic scrutiny from investors.
IPO proceeds. £920 million generated for the company (September 2020)
Source

Recent events

2025
THG Ingenuity demerged as a private business[1]THG plcen.wikipedia.org
M&A
THG separated its technology and logistics arm, THG Ingenuity, into a privately owned stand-alone company.
2024
THG sells Luxury division to Frasers Group[1]THG plcen.wikipedia.org
M&A
THG sold its Luxury division, including Allsole, Coggles, MyBag, and The Hut, to Frasers Group.
2023
THG sells its OnDemand division[1]THG plcen.wikipedia.org
M&A
The OnDemand division, including Zavvi and several specialist webstores, was sold to its existing leadership team with financial backing from Gordon Brothers.
2023
ProBikeKit sold to Frasers Group[1]THG plcen.wikipedia.org
M&A
THG sold the ProBikeKit business separately to Frasers Group. The business was expected to remain a client of THG Ingenuity.
2022
Charles Allen replaces Matthew Moulding as chairman[1]THG plcen.wikipedia.org
Leadership change
Amid criticism of THG's governance arrangements, Charles Allen became chairman while co-founder Matthew Moulding continued as chief executive.
2021
THG shares fall after 2021 capital markets presentation[1]THG plcen.wikipedia.org
Other · Regulation
Investor concerns following a capital markets day focused on the group's strategy, governance, and sustainability presentation. The company's shares fell sharply after the event.
2020
THG floats on the London Stock Exchange[1]THG plcen.wikipedia.org
M&A · Other
The Hut Group completed its London listing, described as one of the largest IPOs on the exchange since 2013. The share price rose on the first trading day and the flotation generated substantial proceeds for the company and existing shareholders.

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