Etailer The Hut Group has reportedly been valued at £2.5bn following a new round of funding, as it acquires cosmetics subscriptions business Glossybox.
The Hut Group
The Hut Group has bought the beauty box subscription service for an undisclosed sum from its majority shareholders, German online start-ups company Rocket Internet and Swedish investment business Kinnevik Online.
Glossybox, which was founded in 2011 in Berlin, operates in ten markets, with offices in the UK, Germany, France, Sweden and the USA.
Meanwhile its valuation comes as the business has signed a deal to sell a £125m stake to asset management firm Old Mutual Global Investors, Sky News reports.
The sale is expected to be announced this week. The Hut Group declined to comment on the funding round.
The etailer, established by Matthew Moulding and John Gallemore in 2004, is based in Cheshire and employs more than 3,000 people.