London-based THG Holdings has agreed to acquire for $350 million in cash from U.S. retailer Target Corporation. Founded in 1999, offers professional grade skin care alongside expert-driven content, and looks to connect THG with key global beauty brands.

Founded 16 years ago, THG is a vertically-integrated, digital-first consumer brands group, retailing its own brands in beauty and nutrition plus third-party brands, via its proprietary technology platform to an online and global customer base. THG has stated that its goal is to be a leading global digital partner for the beauty industry. It also owns ecommerce and beauty box brands, and, as well as prestige beauty brands Perricone MD, ESPA, Christophe Robin, Grow Gorgeous, Illamasqua, Eyeko, Mio Skincare and Ameliorate.

The acquisition enhances the scale of its beauty box business by accessing the customer base, which will in turn unlock incremental marketing revenue. The acquisition also provides the opportunity to accelerate the growth of THG’s own beauty brands via a new and large U.S. customer base.

Antitrust clearance is expected to be received in late January 2021. is expected to contribute for 11 months of THG’s 2021 financial year, adding sales of about $180 million and adjusted EBITDA of about $4 million.

Matthew Moulding, Chairman and CEO of THG said in a statement, “A key driver behind the decision to list THG on the London Stock Exchange just over three months ago was to enable the group to make major global investments, such as Accessing capital through a London listing has enabled us to accelerate our growth plans and build out a global leadership position within the exciting beauty industry. We are delighted to welcome into our growing portfolio of online beauty assets.”