The Hut Group Raises £4 Million From Existing Shareholders To Launch Myvitamins.com
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.”
Notes to Editors:
About The Hut Group
Founded in 2004 and based in Northwich Cheshire, The Hut Group is an online retailer focused on fast moving consumer goods including health and beauty; sports nutrition; gifting; clothing; handbags; footwear; and entertainment.
The Hut Group retails direct to consumers through its own websites across 4 divisions:
- Consumer Division including TheHut.com, Zavvi.com, Iwantoneofthose.com, Allsole.com and MyBag.com.
- Lifestyle Division including Myprotein.com and Myvitamins.com (launching in Q3 2012).
- Prestige Division including Lookfantastic.com, Mankind.co.uk and HQHair.com.
- Technology Services providing contractual ecommerce technology services to 3rd parties.
In 2009, The Hut Group was ranked no.1 in the ‘Sunday Times Tech Track 100 of the UK’s fastest growing companies’ and ranked the 3rd fastest growing digital company in Europe at the ‘GP Bullhound Media Momentum Awards’ in May 2010.
For further information, please visit www.www.thg.com
Please find below a list of websites owned by The Hut Group. For more information please visit their websites.
Read more online: www.thebusinessdesk.com/northwest/news/337696-the-hut-raises-4m-for-vitamins-drive.html