THG to acquire Biossance as it bulks up on beauty business
E-commerce firm THG has today announced it has acquired prestige skincare brand Biossance for $20m.
THG, which owns City PM, is acquiring Biossance from US biotechnology group Amyris Inc., which recently entered Chapter 11 bankruptcy proceedings.
Amyris auctioned off Biossance as part of the proceedings, and THG was declared the successful bidder for the company’s assets and intellectual property. According to the group, the assets have a book value of $29m.
Biossance has generated global revenues of $300m since its founding in 2015, with its range of curated skincare products, including cleansers, creams and serums, selling for between $15 to $74.
The products are sold online and stocked in a range of high-end stores around the world, including Sephora, Harrods, Space NK, Douglas and Selfridges.
The deal is expected to close in mid-December.
THG chief Matthew Moulding said: “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 c. $2 million in revenue across our retail sites in the past 12 months. Integration onto the Ingenuity platform will commence as soon as the deal is finalised.”