(Bloomberg) -- THG Holdings Ltd., a British e-commerce operator that sells beauty and nutrition products, has agreed to buy Dermstore LLC as it expands its reach in the U.S.
THG is acquiring the retailer of high-end skincare and specialty beauty brands for $350 million in cash from Target Corp., according to a statement Tuesday.
The move will allow THG, whose sales have been boosted by the e-commerce boom amid Covid-19 lockdowns, to tap a new and large U.S. customer base for its own brands. It also comes after the company raised 1.9 billion pounds ($2.6 billion) in September in one of Europe's biggest initial public offerings this year.
The deal will add about 135 million pounds in sales to THG, previously known as The Hut Group. U.S. regulatory approval is expected in late January.
The company also said it is buying its U.K.-based nutrition product suppliers Claremont Ingredients and David Berryman.
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