Gargantuan British e-commerce company The Hut Group has today announced the acquisition of British makeup brand Illamasqua. While the details of the deal are yet to be made public, it’s rumoured that the acquisition was worth £25 million.
Talking to Cosmetics Business, Illamsqua founderJulian Kynaston, who will remain with the brand as founder and Chairman, said: “We were courted by many companies wanting to buy Illamasqua but we absolutely didn’t want it to be owned by someone who didn’t want to keep the brand’s core values and what it stands for.
“The reality is that we absolutely believe in The Hut Group and that the team will build on our strong positioning, high quality product development and globalise it – taking it to the next level.”
Founder and CEO of The Hut Group Matthew Moulding has also discussed the acquisition since the announcement, saying: “In Illamasqua’s unwavering commitment to professional, high-quality products and creativity, not to mention its strong identity, we saw a business with a unique proposition and an opportunity to take a strong and dynamic brand to the next level.
“We are confident that, with our world-class e-commerce platform and large marketing infrastructure, we will deliver significant growth and further extend Illamasqua’s global customer base.”
