THG Plc agrees to acquire Biossance for a maximum $20 million

LONDON, UK: THG Plc has agreed to acquire prestige skincare brand Biossance for a maximum consideration of $20 million.

Since inception in 2015, Biossance has generated global revenues of c. $300m and is currently stocked in over 1,600 stores globally including Sephora, Harrods, Space NK, Douglas and Selfridges plus online through www.biossance.com, Lookfantastic and Cult Beauty.

The brand’s curated skincare range of cleansers, creams and serums is centered on its innovative ingredient technology and a commitment to sustainability, with price points ranging from $15 to $74.

Financial Impact

  • THG is acquiring Biossance from US biotechnology group Amyris Inc., which recently commenced voluntary Chapter 11 proceedings.
  • An auction was held on 30 November 2023 with THG declared as the successful bidder for assets including IP, plus inventory and debtors with a book value of $29m.
  • Closing is expected to follow in mid-December, with integration completing in Q1 2024.

Matthew Moulding, CEO of THG, commented: “We are delighted to acquire the pre-eminent skincare brand Biossance. The technology-led, clean chemistry formulations resonate with consumers globally, evidenced by a strong performance on our own retail sites.

“We have significant experience in prestige skincare as an innovator and manufacturer, and through our own brand portfolio including Perricone MD and ESPA. We’re incredibly fortunate and excited to secure this opportunity to work with the Biossance team and further build on the brand’s strong awareness across the US.

“The fit within THG is perfect, with Biossance already generating c. $2 million in revenue across our retail sites in the past 12 months. Integration on to the Ingenuity platform will commence as soon as the deal is finalised.”

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