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THG PLC
THG PLC, founded by Matthew Moulding in 2004, operates a vertical e-commerce platform spanning beauty, nutrition and technology services.
THG PLC
Matthew Moulding launched THG (originally The Hut Group) from a spare room in Cheshire, England. The company went public on the London Stock Exchange in September 2020, raising £1.88 billion in the largest UK tech IPO of that year (per Reuters, 2020). Moulding remains CEO and executive chairman, controlling a majority voting stake through a dual-class share structure. THG operates three divisions: THG Beauty (brands including Lookfantastic and Cult Beauty), THG Nutrition (including Myprotein), and THG Ingenuity, a proprietary e-commerce platform licensed to third parties. The firm invests across brand acquisitions, R&D in formulation and supply chain, and digital marketing. Geographically, it serves customers in the UK, Europe, the US, and Asia, with distribution centers in the UK, US, France, Poland, and Australia. Key brand acquisitions have included Feelunique (2021) and Bentley Laboratories (2022). Post-IPO, THG pursued a separation of its Ingenuity arm: in 2023 it announced plans to demerge the division into a standalone publicly traded entity, though as of 2026 the demerger remains incomplete (per the firm's 2025 annual report). The group employs roughly 12,000 people globally. Moulding also controls a foundation, the Moulding Family Foundation, focused on education and community projects. A structural differentiator is THG's vertical integration — it owns both the consumer brands and the proprietary e-commerce platform that powers them and third-party clients. This hybrid model, often compared to a 'Shopify plus Nestlé' structure, reduces third-party dependency but creates complexity in financial reporting and governance.
General information
Firm type
other
Year founded
2004
AUM
Undisclosed
Location
Region
Europe
Country
United Kingdom
City
Manchester
Corporate office
Manchester, United Kingdom
Principals
Matthew Moulding
Founder, CEO and Executive Chairman
Sector focus
Frequently asked questions
How does THG's dual-class share structure affect governance?
Matthew Moulding controls roughly 57% of voting rights through a dual-class structure implemented at IPO. This allows him to retain strategic control despite owning a smaller economic stake. The structure has drawn governance scrutiny from UK institutions, particularly around board independence.
Is THG a technology company or a consumer goods company?
THG presents itself as a technology company via its Ingenuity platform, which powers both its own brands and third-party merchants. Analyst consensus, however, often treats it as a consumer goods company due to the majority of revenue coming from beauty and nutrition product sales (per Bloomberg, 2024). The eventual Ingenuity demerger aims to clarify that distinction.
What major acquisitions has THG completed?
Notable acquisitions include Feelunique (2021), a UK online beauty retailer; Bentley Laboratories (2022), a US-based skincare manufacturer; and Perricone MD (2016). These deals were typically funded through a mix of debt and equity, aimed at consolidating the beauty space.
Where are THG's main operational sites?
THG's global headquarters is in Manchester, UK. Major distribution centers are located in Warrington (UK), Heidelberg (Germany), Los Angeles (US), and Sydney (Australia). The group also owns manufacturing facilities in the US and Europe.
Does THG pay dividends?
THG does not currently pay a dividend, reinvesting cash flow into growth and acquisitions. The firm has stated it will consider dividend payments once it reaches a leverage target and demonstrates consistent free cash flow generation (per the firm's 2024 annual report).
What is the Ingenuity business and why is it being demerged?
Ingenuity is THG's end-to-end e-commerce platform that provides logistics, warehousing, and data services to third-party brands like Nestlé and Coca-Cola. In 2023, THG announced plans to demerge and separately list Ingenuity to unlock market value, reflecting structural differences between the lower-margin platform business and higher-margin consumer brands. The process has faced delays but remains a stated strategic priority.
How has THG's stock performed since IPO?
THG listed in September 2020 at 500p per share, valuing the group at £4.5 billion. As of mid-2025, the stock traded around 60p, reflecting significant underperformance driven by inflation, foreign exchange headwinds, and institutional skepticism about governance and the Ingenuity valuation (per FactSet, June 2025).
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