Sky News has reported that leading UK beauty retailer, Cult Beauty, has hired JP Morgan to advise on a possible sale.
Founded by former model Alexia Inge and her co-founder Jessica DeLuca in 2007, Cult Beauty began as a sort of beauty Hall of Fame for the pair who wanted to share a curated selection of products their customers could trust. These days, you can find the likes of Drunk Elephant, fresh, ghd and Goop stocked on site, that boasts an impressive 1 million followers on Instagram.
In May 2018, Cult Beauty's sales had nearly doubled over a 12 month period to £68.9m, "with operating profits virtually flat at £3.7m," reports Sky News. It's thought that Cult Beauty could be valued in the millions because of its strong growth trajectory combined with the fact that financial investors consider digital consumer businesses extremely appealing at present.
Sky News also revealed that a number of other British brands may also be exploring sale options, including Charlotte Tilbury. More on this as it develops.
