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Beauty start-up started with £75k of savings is sold to the Hut Group for £275m


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.  ....

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Pandemic aid programmes spur a record drop in poverty in America


 
Jason DeParle, The New York Times 
Published: 29 Jul 2021 11:55 AM BdST
Updated: 29 Jul 2021 11:55 AM BdST
Kathryn Goodwin with her children at their home in Saint Charles, Mo, on July 25, 2021. From left: Aliyah, 6; Vivian, 3; Xavier, 5; Evelyn, 2; and Chloe, 11. (Sarahbeth Maney/The New York Times)
The huge increase in government aid prompted by the coronavirus pandemic will cut poverty nearly in half this year from prepandemic levels and push the share of Americans in poverty to the lowest level on record, according to the most comprehensive analysis yet of a vast but temporary expansion of the safety net.
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The number of poor Americans is expected to fall by nearly 20 million from 2018 levels, a decline of almost 45%. The country has never cut poverty so much in such a short period of time, and the development is especially notable since it defies economic headwinds the economy has nearly 7 million fewer jobs than it did before th ....

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