THG PLC acquires prestige skincare brand Biossance for $20m

THG PLC has finalized an agreement to acquire the prestigious skincare brand Biossance for a maximum consideration of $20 million. This strategic move marks a significant expansion for THG PLC in the global skincare industry.

Biossance’s Global Footprint and Revenue

Since its inception in 2015, Biossance has generated approximately $300 million in global revenues. The brand is renowned for its presence in over 1,600 stores worldwide, including high-end retailers like Sephora, Harrods, Space NK, Douglas, and Selfridges. Biossance also boasts a strong online presence through its website and other major e-commerce platforms like Lookfantastic and Cult Beauty.

THG PLC Expands Skincare Offerings with $20 Million Purchase of Biossance

Innovative Skincare Technology and Sustainability Focus

Biossance’s product line, featuring cleansers, creams, and serums, is celebrated for its innovative ingredient technology and commitment to sustainability. With price points ranging from $15 to $74, the brand caters to a wide range of consumers seeking quality skincare.

Financial Impact and Acquisition Details

THG’s acquisition of Biossance comes as the brand’s parent company, US biotechnology group Amyris Inc., entered voluntary Chapter 11 proceedings. An auction held on November 30, 2023, led to THG being declared the successful bidder for Biossance’s assets, including intellectual property, inventory, and debtors valued at $29 million. The transaction is expected to close in mid-December, with full integration into THG slated for the first quarter of 2024.

Statements from THG CEO

Matthew Moulding, CEO of THG, expressed enthusiasm for the acquisition, citing Biossance’s technology-led formulations and strong global consumer resonance. He highlighted THG’s expertise in prestige skincare, referencing its existing brands like Perricone MD and ESPA. Moulding emphasized the seamless fit of Biossance within THG, noting the brand’s existing $2 million revenue generation on THG’s retail sites and the planned integration onto the Ingenuity platform.