THG

What THG does

THG (formerly The Hut Group) is a UK-headquartered, London-listed (LSE: THG) global consumer brands group operating through two predominantly online divisions: THG Beauty (LOOKFANTASTIC, Cult Beauty, Dermstore — a marketplace of over 1,000 third-party brands alongside owned prestige brands ESPA, Illamasqua, Christophe Robin, Biossance, and AMELIORATE) and THG Nutrition (anchored by Myprotein, the world's largest online sports nutrition brand, spanning supplements, vitamins, activewear, and a growing protein-enriched food range). The company generated £1.72bn in FY2025 adjusted revenue and reported a £54.1m profit after tax, reversing a £326m prior-year loss.

THG's vertically integrated operating model combines in-house R&D and manufacturing (THG LABS), content creation (THG Studios), logistics and fulfilment (THG Fulfil with Geekplus robotics), and retail media (THG Beauty Media). It serves both end consumers directly via owned e-commerce platforms and B2B partners through retail distribution (40,000+ doors including Tesco, Walmart, Kroger, GNC, Vitamin Shoppe, Iceland Foods) and a licensing model that monetises Myprotein brand IP across food manufacturers (Greencore, Müller, Iceland Foods, Mars, Vimto). The group reached over 200 markets and now operates with approximately 5,200 employees supported by 2,000 warehouse robots, down from 10,200 employees prior to its automation programme.

Following the 2024/2025 demerger of THG Ingenuity (the enterprise commerce platform) and the August 2025 £103m divestiture of Claremont Ingredients (flavour manufacturing), THG has refocused as a pure-play beauty and nutrition consumer brands group, joining the FTSE 250 in March 2025, refinancing debt to 2029, and pivoting growth investment toward US retail expansion, GLP-1–targeted protein foods, licensing scale-up (43m units sold in 2025 targeting 60m+ in 2026), and AI-powered customer experience tooling developed in collaboration with Google Cloud.

Name

THG

Legal name

THG PLC

Website

https://thg.com

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

THG is a UK-listed global consumer brands group operating online beauty (LOOKFANTASTIC, Cult Beauty, Dermstore) and sports nutrition (Myprotein) divisions, serving consumers across 200+ markets via owned e-commerce, marketplace, retail partnerships, and brand licensing.

Ownership category

akta.pro rank

Product category

Online Beauty and Sports Nutrition Retail

NAICS

Food (Health) Supplement Retailers (456191), Health and Personal Care Retailers (456), Sporting Goods Retailers (45911)

SIC

Food And Kindred Products (2000), Sporting & Athletic Goods, Nec (3949), Retail-Apparel & Accessory Stores (5600)

akta.pro primary industry

Sports Nutrition (Protein, Creatine, Pre-Workout/Intra-Workout) (CRADAGAA)

akta.pro secondary industries

Beauty-From-Within (Collagen, Biotin, Skin/Hair/Nails) (CRADAGAH), Men’s Health Supplements (Testosterone, Prostate, Vitality) (CRADAGAL), Health Food & Supplement Stores (CRAHAEAC)

Keywords

• Online beauty retail
• Sports nutrition ecommerce
• Consumer brands group
• Beauty marketplace platform
• Direct-to-consumer retail

Headquarters

HQ city

Manchester

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Supply Chain, Technology or R&D, Infrastructure

Revenue model

1. THG Beauty - Third-party Brand Marketplace: THG Beauty operates online platforms (Lookfantastic, Cult Beauty, Dermstore) offering a route to market for over 1,000 third-party brands, generating revenue through product sales and potentially commissions.
2. THG Beauty - Owned Brands: Portfolio of owned prestige beauty brands including ESPA, Illamasqua, Glossybox, Christophe Robin, and Biossance, sold through owned platforms and retail channels.
3. THG Nutrition - Direct-to-Consumer: Myprotein sells directly to consumers globally through its e-commerce platform, offering sports nutrition supplements and health and wellness products.
4. THG Nutrition - Licensing Model: Unique licensing model monetising Myprotein brand intellectual property through multi-year, multi-territory agreements with food partners. Sold 43 million licensed products in 2025, targeting 60+ million in 2026.
5. THG Beauty Media: Retail media offering enabling advertisers to target audiences using commerce data from Cult Beauty and LOOKFANTASTIC, with closed-loop attribution measuring ad activity against actual sales.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

THG operates as a global consumer brands group through two divisions: THG Beauty, which runs prominent online beauty platforms (LOOKFANTASTIC, Cult Beauty, Dermstore) offering over 1,000 third-party brands alongside owned prestige brands (ESPA, Illamasqua, Christophe Robin, Biossance); and THG Nutrition, led by Myprotein, the world's largest online sports nutrition brand selling supplements, vitamins, activewear, and protein-enriched foods direct-to-consumer and through retail partnerships across 200+ markets.

Product overview

THG (The Hut Group) is a global consumer brands group operating through two distinct business divisions: THG Beauty and THG Nutrition. THG Beauty encompasses three major online beauty retailers (LOOKFANTASTIC, Cult Beauty, Dermstore) offering over 1,000 third-party brands alongside owned prestige brands including ESPA, Illamasqua, Christophe Robin, Biossance, and AMELIORATE, supported by THG LABS for in-house innovation and THG Beauty Media for retail media services. THG Nutrition is anchored by Myprotein—the world's largest online sports nutrition brand—spanning supplements, vitamins, activewear, and protein-enriched foods, with expanding offline retail presence through licensing partnerships. The group also operates THG Studios (AI-powered content creation) and THG Fulfil (logistics), and has divested THG Ingenuity (e-commerce technology platform, demerged) and Claremont Ingredients (flavour manufacturing, sold 2025). FY2025 revenue was £1,717m.

Differentiator

Problem solved

Functional benefit

Brands

• LOOKFANTASTIC: Major online beauty retailer platform operated by THG Beauty, offering over 1,000 third-party beauty brands
• Cult Beauty
• Dermstore
• Myprotein
• Myvitamins
• THG LABS
• THG Beauty Media
• ESPA
• Illamasqua
• Biossance
• Christophe Robin
• MP Activewear
• Bentley Labs

Products and services

• LOOKFANTASTIC THG Beauty's flagship online beauty platform operating as one of the world's largest online pure-play prestige beauty retailers, offering over 1,000 third-party brands alongside owned brands. Expanded into physical retail with concept stores in Altrincham and Bristol.
• Cult Beauty UK-based online beauty retailer known for its curated selection of prestige and emerging independent beauty brands, integrated into THG Beauty's portfolio of owned brands alongside third-party marketplace.
• Dermstore US-based online prestige beauty retailer operated by THG Beauty, serving the American market alongside LOOKFANTASTIC and Cult Beauty.
• Myprotein World's largest online sports nutrition brand operated by THG Nutrition, spanning multiple health and wellness categories with direct-to-consumer and offline retail partnerships worldwide. Now expanding into activewear and protein-enriched food products.
• THG LABS THG Beauty's in-house innovation, development, and manufacturing hub bringing together R&D expertise, formulation capability, and scalable production infrastructure for both owned and third-party brand partners.
• THG Beauty Media THG's retail media division enabling brands to craft tailored campaign concepts leveraging commerce data from beauty platforms, integrating with programmatic advertising partners including The Trade Desk.
• ESPA Luxury skincare brand acquired by THG Beauty as part of its portfolio expansion of owned beauty brands.
• Illamasqua Professional-grade color cosmetics brand in THG Beauty's owned brand portfolio.
• Glossybox Beauty subscription box brand operated as part of THG Beauty's owned brand portfolio.
• Christophe Robin Luxury haircare brand acquired by THG Beauty as part of its strategy to expand portfolio of prestige owned beauty brands.
• Biossance US-based prestige skincare brand acquired by THG Beauty from Amyris Inc. in December 2023 for $20 million, added to unlock further value and audience reach in key markets.
• Myvitamins Health and wellness supplement brand launched by THG as part of the plan to diversify sales and customer mix in the nutrition division alongside Myprotein.
• Myprotein Clear Whey 'Splash Of' New clear protein product line extension under the Myprotein brand offering an alternative format to traditional protein powders.
• Myprotein x Champion Activewear Collection Limited-edition 11-piece activewear training collection combining Myprotein's digital fitness audience with Champion's century-old sportswear heritage, sold exclusively through Myprotein's direct-to-consumer platform.
• Myprotein x Greencore Protein-Enriched Food Range Protein-enriched convenience foods including salads and wraps, sold through Sainsbury's supermarkets and convenience stores, targeting GLP-1 drug users needing increased protein intake.
• TrackTrace Platform launched by THG to support compliance with EU Digital Product Passport regulations, focusing on transparency, traceability, and auditability across product lifecycles. Implemented in collaboration with PwC.

Quantifiable outcome

• First year of revenue growth since 2021, with 2.3% increase to £1.72bn in FY2025
• +4 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability10 records

Feature5 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• ChampioncoreOEM/ Whitelabel/ Licensing Partner · 1 April 2026Myprotein launched limited-edition 11-piece activewear training collection with American sportswear brand Champion, sold exclusively through Myprotein's direct-to-consumer platform.
• The Trade DeskcoreGTM or Marketing Partner · 16 February 2026THG Beauty Media partnered with The Trade Desk to provide advertisers self-serve access to retail audience data from Cult Beauty and LOOKFANTASTIC. The partnership enables targeted advertising across connected TV, audio, and programmatic channels using event-level commerce data with closed-loop attribution measuring media activity against actual sales.
• GreencorecoreOEM/ Whitelabel/ Licensing Partner · 12 February 2026Myprotein partnered with Greencore to launch protein-enriched food-to-go products including salads and wraps. Products sold in Sainsbury's supermarkets and convenience stores, expanding Myprotein's offline retail footprint. Target of 60 million licensed products in 2026.
• Sainsbury'scoreChannel Partner/ Reseller/ Distributor · 12 February 2026Protein-enriched convenience foods from Myprotein/Greencore partnership available in Sainsbury's supermarkets and convenience stores.
• Google CloudcoreTechnology or Integration · 22 October 2025THG Ingenuity and Google Cloud announced collaboration to enhance digital commerce through AI and infrastructure modernisation. Partnership includes migrating THG's systems to Google Cloud, developing AI-enabled services, and co-marketing solutions across Europe and US.
• WalmartcoreChannel Partner/ Reseller/ Distributor · 29 July 2025Myprotein launched in Walmart US as part of major retail expansion, adding significant offline distribution for the sports nutrition brand in the important US market.
• MüllercoreOEM/ Whitelabel/ Licensing PartnerLicensing partnership for Myprotein branded products in over 1000 UK stores, driving significant retail sales volume.
• Iceland FoodscoreOEM/ Whitelabel/ Licensing PartnerLicensing partnership for Myprotein branded frozen and convenience foods in Iceland's UK retail network.
• MarscoreOEM/ Whitelabel/ Licensing PartnerLicensing partnership for Myprotein branded products expanding into confectionery-adjacent categories.
• Jimmy's CoffeeminorOEM/ Whitelabel/ Licensing PartnerLicensing partnership for Myprotein branded coffee products.
• VimtocoreOEM/ Whitelabel/ Licensing PartnerAward-winning partnership combining Vimto flavour with Myprotein supplements, recognised as game-changer in sports nutrition industry.
• Nactarome GroupcoreStrategic or Co-development PartnerAcquired Claremont Ingredients from THG for £103m in August 2025. Milan-headquartered flavour and ingredients company backed by TA Associates, also signed long-term supply contract with THG Nutrition.

Scale indicators12 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Sephora (LVMH): Global multi-brand prestige beauty retailer and THG Beauty's most direct competitive analogue. Both curate and distribute 1,000+ third-party brands alongside owned labels, with global e-commerce operations. The key differentiation is Sephora's owned-store footprint versus THG's predominantly online model.
• Ulta Beauty: US-listed multi-category beauty retailer carrying prestige, mass, and salon brands plus owned private label. Highly comparable to THG Beauty's marketplace + owned-brand model, with the contrast of an omnichannel physical-store base that THG only recently began building.
• Glanbia Performance Nutrition (Optimum Nutrition): Owner of Optimum Nutrition and one of the world's largest sports nutrition manufacturers. Directly comparable to Myprotein in protein powders, ready-to-drink, and performance supplements, with strong US distribution that benchmarks Myprotein's US expansion ambitions.
• GNC Holdings: US specialty retailer of vitamins, minerals, and sports nutrition. Directly comparable on the supplement retail side of Myprotein, and a listed distribution partner for Myprotein in the US — making it both competitor and channel.
• The Vitamin Shoppe: US specialty health and wellness retailer and Myprotein distribution partner. Closely comparable on the supplement retail experience and product breadth, with overlap on protein, vitamins, and sports nutrition SKUs.
• iHerb: Global online retailer of vitamins, supplements, and natural health products with operations in 200+ countries. Closely comparable to Myprotein's online-first, international D2C model and the wellness retail backbone behind both groups.

Emerging players

• Huel: Fast-scaling DTC nutrition brand in meal replacement and functional nutrition. Comparable in D2C reach, audience, and category adjacencies to Myprotein, but smaller and more concentrated in meal-replacement formats.
• Nykaa (FSN E-Commerce Ventures): India-listed online-first beauty and wellness retailer combining third-party marketplace, owned brands, and offline stores. A useful comparable for THG's marketplace-plus-DTC strategy in a different geography, demonstrating both the opportunity and execution risk in pure-play online beauty.

Broad incumbents

• Amazon (Beauty & Health Store): Dominant online marketplace with a major beauty and health retail presence. Overlaps with both THG Beauty's 1,000+ brand marketplace and Myprotein's DTC operations, representing the largest competitive threat on consumer acquisition and pricing transparency.
• Walgreens Boots Alliance: Global pharmacy-led health and beauty retailer, including Boots. Overlaps with THG Beauty's prestige online platforms and the health and wellness assortment that supports both Myprotein and Myvitamins.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/thgplc
• Facebookfacebook.com/THGplc
• LinkedInlinkedin.com/company/thgplc
• Instagraminstagram.com/thg

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries11 records

Funding overview

Funding rounds21 records

Investors19 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A26 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about THG