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Exclusive: Cult Beauty co-founder Jessica DeLuca Moore on selling to THG and what happens next cityam.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cityam.com Daily Mail and Mail on Sunday newspapers.
Alexia Inge (left) and Jessica Moore (right)
A former model and her business partner will pocket £76m after selling their beauty start-up Cult Beauty to The Hut Group (THG). Alexia Inge, 44, and Jessica Moore, 46, founded the online retailer in 2008 with £75,000 of savings, but will now sell the company for £275m.
Ahead of the sale Inge and her family owned a 18.7 per cent stake, while Moore (right), a former consultant for investment banks, and her family held 9.1pc, according to filings.
Other investors to benefit from the sale include Mark Quinn-Newall, 55, the cofounder of Net-a-Porter, who invested in 2011 and joined the board of directors. THG will take on their 200-plus independent make-up and skincare brands, which include Charlotte Tilbury, Molton Brown and Huda.
The Hut Group takes over online beauty retailer Cult Beauty for £275 million premiumbeautynews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from premiumbeautynews.com Daily Mail and Mail on Sunday newspapers.