Huddled Group
plc
("Huddled", the "Company" or
the "Group")
Investment in Boop
Beauty
Huddled Group plc (AIM:HUD), the
circular economy e-commerce group is pleased to announce it has
taken a controlling stake of 75% of the equity in Boop Beauty
Limited, an e-commerce business specialising in surplus beauty and
cosmetic products. Huddled will pay a modest sum for the stake
roughly equivalent to the value of stock on hand, with a commitment
to inject further capital for growth.
About Boop Beauty
Boop, founded by former L'Oreal
in-house lawyer, Yasmine Amr, is an online, direct-to-consumer
retailer specialising in the sale of excess beauty and cosmetic
products.
Touted as 'The Outnet' for luxury
beauty and wellness products, Boop works directly with beauty
brands to help them sell remnant, surplus and discontinued products
in a responsible and brand friendly manner. Boop serves customers
across the UK and has become a trusted partner for well-known
brands within this market, including Aromatherapy Associates, Foreo
and Legology, amongst others.
With limited capital at its disposal
Boop delivered 558 orders in Q2 2024, with an average order value
of circa £39. Together with the encouraging reception from
suppliers, we believe that with additional investment and support
the business could be well placed for growth.
Yasmine will remain with the
business both as a shareholder and non-executive
director.
Boop Beauty's online store has been
taken offline whilst it is integrated into Huddled group, although
information about the company, and the ability to register with
Boop is still available via BoopBeauty.co.uk. The store is expected
to relaunch in early September 2024.
Rationale for the Investment
This investment is the next step in
the Group's strategy to build a portfolio of e-commerce
brands. Aligned with Discount Dragon and Nutricircle, Boop
helps businesses deal with the problem of surplus stock, as well as
being an attractive choice for consumers as they look to spend more
cautiously.
Upon completion, additional working
capital will be made available to the business allowing it to
purchase a broader and deeper range of relevant stock, as well as a
deeper range of the faster selling items and increase customer
acquisition marketing.
Martin Higginson, Huddled Group plc CEO said:
"We are thrilled
to be working with Yasmine. The Boop business concept is fantastic
and sits perfectly with the Huddled circular economy strategy. It
was clear that Huddled could provide Boop with some key
ingredients- more stock, marketing and fulfilment - to drive
growth.
"I'm confident with the resources and support of the Huddled
Group, Boop can flourish, and become a trusted and ethical partner
for beauty and cosmetic companies in solving their excess stock
challenges".
Yasmine Amr, Founder of Boop said: "Over $4.8 billion worth of
beauty products are destroyed globally each year, many of these due
to overproduction. Boop had set out to tackle this serious issue
and a growing number of brands have already embraced the
concept. The investment
from Huddled will allow me to accelerate the vision I had for Boop
- I'm excited to be working with the Huddled team to drive the
business forward."
Enquiries:
For further information please
visit www.huddled.com/investors, or contact:
Huddled Group plc
Martin Higginson
David Marks
Daniel Wortley
|
investors@huddled.com
|
Zeus
(Nominated Adviser and Sole Broker)
Nick Cowles, James Hornigold, Alex
Campbell-Harris
Dominic King
|
Tel + 44 (0) 203 829
5000
(Investment Banking)
(Corporate Broking)
|
Alma
Strategic Communications (Financial PR)
Rebecca Sanders-Hewett
Sam Modlin
Kieran Breheny
|
huddled@almastrategic.com
|