Sales at The Hut Group reach £500m
Online retailer The Hut Group has increased annual sales by 50 per cent to more than £500 million.
The Cheshire firm, which is behind brands such as Myprotein and lookfantastic, grew underlying profits by 67 per cent to £50m in 2016.
International sales rose 89 per cent to £316m, making up 63 per cent of the group’s overall sales.
The firm invested £91m in its technology platform to further enhance its functionality and globalisation capability.
It now operates in 47 languages and 30 currencies, is supported by 23 payment options.
Chief executive Matthew Moulding said: “I am delighted to report another milestone year for The Hut Group.
“In 2016, we launched over 100 websites across the group, significantly extending our international reach.
“We also continued our evolution of our health and beauty offering, with the acquisitions of Grow Gorgeous, Skinstore.com, SkincareRX.com, and the prestigious Hale Country Club, the latter providing us the opportunity to develop a global centre of fitness and wellbeing excellence.
“In addition to these initiatives, towards the end of 2016 we further expanded our presence in global nutrition with the acquisition of the US-based Ideal brands.
“As an addition, post-year, we completed the acquisition of Hangar Seven, a leading British content creation business for video, photography and branding.
“With customers demanding to view creative content largely through video, we are investing heavily in creative resources to ensure we lead the way in delivering the best possible user experience across all corners of the world.
“This move in particular broadens our THG Platform proposition and complements our world class technology platform with market leading content and brand creation.”
The Northwich-based company grew its workforce to 3,100 last year and said it expects to create a further 3,000 jobs over the next two years.