THG to buy skincare brand Biossance for up to $20m
THG said on Tuesday that it has agreed to buy prestige skincare brand Biossance for up to $20m.
The business is being bought from US biotechnology group Amyris Inc, which recently started voluntary Chapter 11 proceedings.
Founded in 2015, Biossance has generated global revenues of around $300m and is currently stocked in over 1,600 stores globally including Sephora, Harrods, Space NK, Douglas and Selfridges plus online through www.biossance.com, Lookfantastic and Cult Beauty.
THG chief executive Matthew Moulding said: "We are delighted to acquire the pre-eminent skincare brand Biossance. The technology-led, clean chemistry formulations resonate with consumers globally, evidenced by a strong performance on our own retail sites.
"We have significant experience in prestige skincare as an innovator and manufacturer, and through our own brand portfolio including Perricone MD and ESPA. We're incredibly fortunate and excited to secure this opportunity to work with the Biossance team and further build on the brand's strong awareness across the US.
"The fit within THG is perfect, with Biossance already generating circa $2 million in revenue across our retail sites in the past 12 months. Integration on to the Ingenuity platform will commence as soon as the deal is finalised."