THG

THG plc, originally known as The Hut Group, is a Manchester-based international e-commerce company and brand owner. Its business developed from online retail into a group combining consumer brands, specialist digital storefronts, product development, manufacturing and international fulfilment. The company is listed on the London Stock Exchange under the symbol THG.L and has historically been associated with the technology and logistics platform THG Ingenuity. In January 2025, Ingenuity was separated from THG plc and became a privately owned stand-alone business, leaving THG plc principally focused on its consumer operations. The company was established in Manchester in 2004 by Matthew Moulding and John Gallemore with an initial investment of £500,000. Its early business sold CDs and DVDs online and built white-label web stores for established retailers, including Asda, Argos Entertainment, Tesco and WHSmith. The group also used a warehouse in Guernsey during its early period, when the United Kingdom's low-value-consignment arrangements allowed some goods below a specified value to be sold without VAT. The spread of smartphones, particularly after the introduction of the iPhone in 2007, weakened aspects of the original digital-media model. THG responded by acquiring online retailers and migrating them onto its systems, warehouses and customer-acquisition infrastructure. Acquisitions became central to the company's expansion. THG purchased Zavvi in 2009, Lookfantastic in 2010 and Myprotein in 2011. The group increasingly concentrated on beauty, nutrition and lifestyle categories, where it saw opportunities for repeat purchases, specialist communities, private-label development and international localisation. Its model combined owned brands with branded online stores. Localisation could include pricing, promotions, content, influencer activity, customer service, courier arrangements and payment methods tailored to individual territories. THG Beauty sells third-party and proprietary products across skincare, haircare, cosmetics and fragrance. Its retail platforms have included Lookfantastic, Cult Beauty and Dermstore, while its brand portfolio has included Ameliorate, Biossance, Christophe Robin, ESPA, Grow Gorgeous and Perricone MD. Subscription services associated with Lookfantastic, Dermstore and Glossybox have been used to introduce customers to new products and support recurring engagement. Beauty product development and manufacturing have been supported by THG Labs in the United Kingdom and Bentley Laboratories in the United States. THG Nutrition is led by Myprotein, the group's international sports-nutrition brand. The division also includes Myvitamins and MP Activewear. Its products span sports supplements, protein products, vitamins, health and wellness items, and exercise clothing. As with Beauty, Nutrition has used a vertically integrated structure involving localised online stores, product development and manufacturing capabilities, including facilities that can also serve third-party customers. THG's corporate development was supported by institutional investors including KKR, Balderton Capital, BlackRock, Sofina and Old Mutual Global Investors. The company became a highly valued private technology and e-commerce business before floating on the London Stock Exchange on 16 September 2020. The initial public offering was one of the largest London listings of its period, but the company later faced substantial investor scrutiny concerning governance, strategy, valuation and communications. After a sharp fall in the share price during 2021, Charles Allen became chairman in March 2022 while Moulding remained chief executive. The group subsequently reduced the breadth of its portfolio. In 2023, the 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 Fra…

THG began in Manchester in 2004 as The Hut Group, founded by Matthew Moulding and John Gallemore with £500,000 of initial funding. Its first activity was online sales of CDs and DVDs. It then built white-label online stores for large physical retailers, allowing those partners to participate in e-commerce without developing all of the underlying infrastructure themselves. Early operations included a Guernsey warehouse and benefited from the United Kingdom's then-existing treatment of certain low-value imported consignments. The arrival and rapid adoption of smartphones changed the economics of digital media retail. From 2007 onward, THG moved away from dependence on CDs and DVDs and began acquiring online retailers that could be integrated into its warehouses, software and marketing systems. Zavvi was acquired in 2009, Lookfantastic in 2010 and Myprotein in 2011. Myprotein became the foundation of the Nutrition business, while Lookfantastic helped establish the group's Beauty focus. THG selected categories with opportunities for repeat purchasing, specialist branding and international expansion rather than remaining a general merchandise web retailer. During its private-company phase, THG attracted high-profile institutional and technology investors. KKR acquired a significant stake in 2014, matching an existing stake held by Balderton Capital. BlackRock invested in 2016, and Sofina and Old Mutual Global Investors also became investors. By 2017, the group was valued above £2.5 billion and was regarded as one of the United Kingdom's prominent technology unicorns. Its strategy was based on acquiring brands and retailers, scaling their online reach and using common technology, fulfilment and international capabilities. The group floated on the London Stock Exchange on 16 September 2020. The IPO raised substantial capital and initially produced a strong first-day market performance. The listing also placed the company's governance, corporate structure and valuation under public-market scrutiny. THG's share price later declined significantly during 2021. A capital markets day in October 2021, intended to explain the group's sustainability strategy and broader direction, was followed by a steep fall in the shares. Investors and commentators raised questions about governance, the relationship between the chief executive and company property, the complexity of the business model and the ability of the divisions to produce durable value. In March 2022, Charles Allen became chairman, replacing Moulding in that role, while Moulding continued as chief executive. THG subsequently began narrowing its portfolio. The OnDemand division was sold in 2023 to its existing management team with Gordon Brothers providing financial backing. The division included IWOOT, My Geek Box, Pop In A Box, Very Neko and Zavvi. ProBikeKit was sold separately to Frasers Group. Both transactions were structured alongside continuing commercial relationships with THG Ingenuity, and Arrow Films was retained within the Ingenuity operation. In 2024, THG sold its Luxury division to Frasers Group. The transaction included Allsole, Coggles, MyBag and The Hut, reducing the group's exposure to designer fashion, accessories and homeware. This portfolio reshaping left Beauty and Nutrition as the principal consumer businesses. Beauty combines retail sites such as Lookfantastic, Cult Beauty and Dermstore with owned brands and manufacturing or development facilities. Nutrition is centred on Myprotein and includes Myvitamins and MP Activewear. THG also developed a technology and logistics arm, THG Ingenuity, which provided e-commerce infrastructure, fulfilment and related services. In January 2025, Ingenuity was demerged from THG plc and became a privately owned stand-alone business. The separation marked a significant structural change: THG plc remained a listed consumer company focused on beauty and nutrition, while the technology and logistics platform continued outside the listed group. THG's current model therefore reflects both its original acquisition-led e-commerce heritage and a more concentrated focus on specialist consumer categories.

1. 2025Ingenuity is demerged

   THG Ingenuity becomes a privately owned, stand-alone technology and logistics business.

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2. 2024Luxury division is sold

   THG sells Allsole, Coggles, MyBag and The Hut to Frasers Group.

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3. 2023OnDemand and ProBikeKit are divested

   THG sells the OnDemand division to its management team and sells ProBikeKit to Frasers Group.

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4. 2022Chairmanship changes

   Charles Allen becomes chairman while Matthew Moulding remains chief executive.

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5. 2020Initial public offering

   THG floats on the London Stock Exchange on 16 September, in one of the largest London IPOs of its period.

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6. 2017THG reaches unicorn valuation

   The privately held group is valued above £2.5 billion and becomes one of the United Kingdom's prominent private technology companies.

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7. 2014KKR acquires a significant stake

   KKR acquires a 19.2% interest in THG, alongside a matching stake held by Balderton Capital.

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8. 2011Myprotein is acquired

   Myprotein becomes the leading brand in THG Nutrition and a central component of the group's international expansion.

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9. 2010Lookfantastic is acquired

   The acquisition establishes a major beauty-focused online retail channel within THG.

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10. 2009Zavvi is acquired

    THG acquires the Zavvi online retail business as part of its expansion through e-commerce acquisitions.

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11. 2007The company begins moving beyond digital media

    Smartphone adoption undermines parts of the original CD and DVD model, encouraging THG to pursue online-retail acquisitions and platform integration.

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12. 2004The Hut Group is founded

    Matthew Moulding and John Gallemore establish the company in Manchester with an initial investment of £500,000.

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A vertically integrated, multi-brand e-commerce group focused primarily on beauty and sports nutrition, combining owned brands, specialist online retailers, product development, manufacturing and international digital operations.

• LookfantasticBeauty e-commerce2010

  Lookfantastic is THG's international online beauty retailer, offering skincare, haircare, cosmetics, fragrance and related products. The platform is localised across territories through market-specific pricing, promotions, editorial content, influencer marketing, payment methods, delivery options and customer support. Its subscription activity has also been used to provide recurring beauty-product discovery.

• MyproteinSports nutrition2011

  Myprotein is the central brand of THG Nutrition and sells sports-nutrition and wellness products through international digital channels. Its range is associated with protein products, supplements and related nutrition for consumers pursuing fitness, training and active lifestyles. The brand benefits from THG's direct-to-consumer infrastructure, product development and manufacturing capabilities.

• MyvitaminsVitamins and wellness

  Myvitamins is THG Nutrition's supplements and wellness brand. It complements Myprotein by addressing broader everyday nutrition and health-related consumption rather than focusing exclusively on sports performance. Products are sold through localised online channels supported by the division's formulation, manufacturing and fulfilment infrastructure.

• MP ActivewearActivewear

  MP Activewear is THG Nutrition's activewear label, extending the Myprotein ecosystem into clothing for exercise and active lifestyles. It is positioned alongside the division's nutrition and supplement products and is distributed through online retail channels.

• Cult BeautyBeauty e-commerce

  Cult Beauty is a THG Beauty online store focused on curated beauty products. It operates within the group's multi-brand retail structure and uses digital merchandising, content and market localisation to reach beauty consumers.

• DermstoreBeauty e-commerce

  Dermstore is a specialist beauty and skincare e-commerce platform within THG Beauty. It serves consumers seeking skincare and related products through a digitally led retail model and has also been associated with a subscription service.

• 2025Separate THG IngenuityStrategy

  THG had operated technology and logistics capabilities alongside its consumer businesses.

  What changed. THG demerged Ingenuity into a privately owned, stand-alone business.

  Aftermath. THG plc became more focused on its listed Beauty and Nutrition consumer operations.

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• 2024Sell Luxury divisionM&A

  THG was narrowing its listed consumer portfolio around beauty and nutrition.

  What changed. The company sold the Luxury division, including Allsole, Coggles, MyBag and The Hut, to Frasers Group.

  Aftermath. The transaction reduced THG's exposure to designer fashion, accessories and homeware e-commerce.

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• 2023Divest OnDemandM&A

  THG was reducing the breadth of its portfolio and concentrating more closely on Beauty and Nutrition.

  What changed. The OnDemand division was sold to its existing leadership team with financial backing from Gordon Brothers.

  Aftermath. The divested businesses continued as clients of THG Ingenuity, while THG retained a commercial technology relationship.

  Reported proceeds. £4 million (2023)

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• 2023Sell ProBikeKit to Frasers GroupM&A

  THG was streamlining its non-core online retail portfolio.

  What changed. ProBikeKit was sold separately to Frasers Group.

  Aftermath. The business continued as a client of THG Ingenuity.

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• 2011Acquire MyproteinM&A

  THG was broadening beyond entertainment retail and seeking scalable specialist consumer brands.

  What changed. The group acquired Myprotein and made it the anchor brand for its Nutrition division.

  Aftermath. Myprotein became a major international sports-nutrition business within THG.

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• 2010Acquire LookfantasticM&A

  THG identified beauty as a category with strong margins, repeat purchasing and international scaling potential.

  What changed. The company acquired Lookfantastic and developed it as a major international beauty e-commerce channel.

  Aftermath. Lookfantastic became one of the principal retail platforms in THG Beauty.

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• 2009Acquire ZavviM&A

  THG was shifting from its original online CD and DVD business toward an acquisition-led e-commerce model.

  What changed. The group acquired Zavvi and integrated the business into its broader online retail infrastructure.

  Aftermath. The transaction formed part of the expansion that eventually led THG toward beauty, nutrition and other specialist consumer categories.

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• 2021Governance and property-ownership criticismControversy

  Investors questioned THG's governance and the relationship between the company and properties associated with chief executive and co-founder Matthew Moulding. Reports said that Moulding had sold property assets to himself and that THG rented them for approximately £19 million annually. The issue contributed to broader scrutiny of the company's corporate structure and governance.

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• 2014Myprotein acquisition litigationControversy

  THG brought proceedings against Oliver Cookson and an offshore trust, alleging that the profitability of Myprotein had been overstated before its 2011 acquisition. Cookson counterclaimed, alleging breach of warranty and fraudulent misrepresentation. Following a High Court trial, the court awarded Cookson an overall net damages result of £6.5 million and later ordered THG to pay just under £7.5 million in relation to the claims, counterclaims and part of the costs. An appeal was dismissed in 2016.

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• 2025THG Ingenuity becomes a separate private business

  THG completed the demerger of its technology and logistics arm, THG Ingenuity, into a privately owned stand-alone company.

  M&A
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• 2024THG sells Luxury division to Frasers Group

  The Luxury division, including Allsole, Coggles, MyBag and The Hut, was sold to Frasers Group.

  M&A
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• 2023THG sells its OnDemand division

  The OnDemand business, including several entertainment, collectibles and lifestyle web stores, was sold to its existing management team with financial backing from Gordon Brothers.

  M&A
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• 2023ProBikeKit sold to Frasers Group

  THG sold the ProBikeKit business to Frasers Group while stating that the divested operation would continue as a customer of THG Ingenuity.

  M&A
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• 2022Charles Allen becomes THG chairman

  Charles Allen replaced Matthew Moulding as chairman following criticism of the company's governance arrangements; Moulding remained chief executive.

  Leadership change
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• 2021THG shares fall after capital markets day

  After a capital markets day presenting the company's sustainability strategy, THG's share price fell sharply amid continuing investor concerns about the group's strategy and governance.

  OtherRegulation
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• 2020THG lists on the London Stock Exchange

  THG completed its initial public offering on 16 September 2020, becoming a publicly traded company in London.

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1. THG plc