The Hut Group has acquired the Grow Gorgeous haircare brand, currently sold in Boots and Selfridges and which generates annual sales of between £10 million and £20 million.
According to Sky News, the e-tailer has bought the brand from the Deciem beauty house in Canada.
The group’s portfolio already spans sectors from health and beauty, gifts, fashion. By adding to its current offering, the group has fuelled rumours that it is gearing up to list on the London Stock Exchange.
Last year, the digital business launched beauty giant Elizabeth Arden's first e-commerce website.
Chaired by Richard Pennycook, Co-operative Group CEO, investors include former Tesco boss Sir Terry Leahy and Lord Rose, the chairman of Ocado and Britain Stronger in Europe.
Sources said the deal, which is of an undisclosed value, had been funded from existing cash reserves and that external fundraising reported last week had not in fact taken place.
The Hut Group declined to comment on the acquisition of Grow Gorgeous.
