REG - Huddled Group PLC - Investment in Boop Beauty

HuddledAnnouncement

08/07/2024 07:00

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RNS Number : 4008V  Huddled Group PLC  08 July 2024

 

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                                    investors@huddled.com

 Martin Higginson

 David Marks

 Daniel Wortley

 Zeus (Nominated Adviser and Sole Broker)             Tel + 44 (0) 203 829 5000

 Nick Cowles, James Hornigold, Alex Campbell-Harris   (Investment Banking)

 Dominic King                                         (Corporate Broking)

 Alma Strategic Communications (Financial PR)         huddled@almastrategic.com

 Rebecca Sanders-Hewett

 Sam Modlin

 Kieran Breheny

 

 

 

 

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