The Hut Group, one of Europe’s fastest growing online retailers, has raised £4 million in equity from its existing shareholders. The new funds will support a number of growth initiatives in the second half of 2012 and, in particular, the launch of myvitamins.com in August

The new brand myvitamins.com will form part of The Hut Group’s Lifestyle Division, which currently includes Myprotein.com which delivered revenue growth of 87% in Q1 2012.

In recent years The Hut Group has successfully driven a strategy of diversifying its sales and customer mix, delivering higher margin revenue growth and the launch of myvitamins.com is a continuation of this strategy.

The Hut Group’s Chairman Angus Monro said the launch of myvitamins.com was a major opportunity for the Group:

“The business currently sells a significant volume of vitamins as part of the Myprotein offering and the team thoroughly understands the sector and the size of the opportunity. The category fits perfectly with the Group’s focus on repeat purchase products and enables the Group to reach a broader customer demographic.”