Huddled Group takes 75% stake in Boop Beauty
Huddled Group has taken a 75% stake in Boop Beauty, the online retailer of surplus beauty and cosmetic products, as part of its strategy to build a portfolio of ecommerce brands.
In a statement, Huddled said it will pay a modest sum for the controlling stake that is “roughly equivalent” to the value of stock on hand, although it has committed to injecting further capital for growth. The acquisition will complement the group’s Discount Dragon and Nutricircle brands, both of which help deal with the problem of surplus stock.
Founded by former L’Oreal in-house lawyer Yasmine Amr, Boop serves customers across the UK and helps beauty brands to sell remnant, surplus and discontinued products. Brands it works with include the likes of Aromatherapy Associates, Foreo and Legology.
Following completion of the transaction, Amr will remain with the business both as a shareholder and non-executive director. Huddled said it will be providing new working capital to enable Boop to purchase a wider range of stock and increase marketing spend to acquire more customers.
Boop Beauty’s online store has been taken offline whilst it is integrated into Huddled Group and is expected to relaunch in early September.
Martin Higginson, Huddled Group chief executive, said: “We are thrilled to be working with Yasmine. The Boop business concept is fantastic and sits perfectly with the Huddled circular economy strategy. It was clear that Huddled could provide Boop with some key ingredients– more stock, marketing and fulfilment – to drive growth.
“I’m confident with the resources and support of the Huddled Group, Boop can flourish, and become a trusted and ethical partner for beauty and cosmetic companies in solving their excess stock challenges.”
Amr added: “Over $4.8 billion worth of beauty products are destroyed globally each year, many of these due to overproduction. Boop had set out to tackle this serious issue and a growing number of brands have already embraced the concept.
“The investment from Huddled will allow me to accelerate the vision I had for Boop – I’m excited to be working with the Huddled team to drive the business forward.”
