British online beauty retail group The Hut Group (THG) has reportedly received $1bn in funding through a bank facility for business expansion.
The funding will be used to acquire more businesses and expand its operations internationally in Europe and the US, reported Retail Gazette.
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A top-up facility of $256.56m is funded by five major companies, including Barclays, HSBC, Santander, Citibank, and JP Morgan.
The top-up facility is an addition to a previously announced $789.4m revolving credit facility offered by the company’s banking partners, bringing the total funding to more than $1bn.
THG chief executive officer Matthew Moulding was quoted by Retail Gazette as saying: “The world of beauty and wellbeing is being transformed globally by a digital channel shift and the explosion in high growth, small to medium-sized independent brands.”
Last month, the retailer acquired language translation and localisation services company Language Connect.
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By GlobalDataThe deal allows THG to deliver a step change in its translation capabilities, as well as support its international growth.
THG currently offers more than 8,000 brands, including own labels such as Myprotein, ESPA, Grow Gorgeous, and Illamasqua.
The company currently operates more than 160 localised online sites across 35 languages and 42 currencies, and receives more than 500 million visits annually.
THG reported a 47% surge in its group sales to $968.2m, which is driven by a 62% growth in international sales.
