Mon, 30 Dec 2024 | BUSINESS SALE
Circular economy e-commerce group Huddled has snapped up the remaining 25 per cent of the equity in Boop Beauty Limited.
The deal, worth £100,000, takes Aim-listed Huddled Group’s ownership of Boop Beauty to 100 per cent.
Founded by former in-house lawyer at L’Oreal Yasmine Amr in 2023, Boop Beauty is a circular economy e-commerce business in the beauty and cosmetics sector. It sells ‘too-good-to-go’ products from luxury brands, which would previously have gone to waste, direct to consumers at a discount.
Brands include Estee Lauder, Chanel and Clinique with customers able to buy items at up to 70 per cent off, depending on product condition.
Huddled said it had been encouraged by Boop Beauty’s trading since it acquired a 75 per cent stake in the business earlier this year. It said it would invest further in the company’s inventory and marketing initiatives to fuel growth and take advantage of a ‘significant market opportunity ahead’.
Indeed, the circular economy worldwide is being driven by growing customer and government demand to reduce excess waste, promote recycling and lower carbon footprints.
The deal will be paid for by the issue of 3.2 million new Huddled shares. Amr will remain as a non-executive director of Boop Beauty.
Martin Higginson, Huddled Group plc CEO said: "We see the acquisition of the remaining 25 per cent stake in Boop Beauty as a significant development of our portfolio of circular economy brands, and we look forward to working with Yasmine to realise Boop Beauty's full potential."
Amr added: "I'm thrilled by the success and growth we've seen to date at Boop Beauty within a short period, and I believe with additional investment from Huddled, we will see even more success in the coming months. I look forward to continuing Boop Beauty's journey with Huddled as a shareholder and growing the business further alongside the Huddled team."
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