NEWS WORLD
The Hut Group CEO bags £840m
bonus as share price spikes UK Matthew Moulding, the Chief Executive of e-commerce company The Hut Group (THG), is expected to receive one of the UK’s biggest payouts in corporate history following a spike in the group’s share price.
Following its registration on the London Stock Exchange in September, with new shares worth £920m, a record listing for
Croda invests in fragrance & flavour with Iberchem
UK Speciality chemicals giant Croda has
purchased Spain-based fragrance and flavour
company Iberchem for l820m on a debt-free, cash-free basis.
It is anticipated that the complementary operations of the two companies will create additional value for customers, as many cosmetics makers require both ingredients and fragrances, and can benefit from the collaborative thinking and full formulation development made possible by the acquisition.
Iberchem will remain an independent entity with support from Croda and will collaborate with Croda on cross-selling and other revenue synergy opportunities. Steve Foots, CEO of Croda, said the move would create a “full- service offering to our customers in Consumer Care and a compelling platform from which to grow the business.”
6 December 2020
2020, the group’s share price exceeded targets. At closing on 20 November, the 132.5 million shares were priced at £6.33 each, meaning the 44-year-old will take home a mammoth £840m bonus. According to The Guardian, this could top £1bn if THG’s market value rises to £7.25bn. In a statement to Cosmetics Business, THG said: “We are delighted with
the market reaction to our IPO and that all of our shareholders are benefitting from the strong performance of the business.”
Moulding also confirmed his investment vehicle, FIC Shareco, was selling 10.8 million shares at £5 to transfer property into his ownership. As a result, he will take home £19m a year in rent from the company.
L’Oréal Paris announces ‘trailblazer’ Gemma Chan as latest spokesperson
FRANCE French beauty giant L’Oréal Paris has appointed British actress and activist Gemma Chan as its newest ambassador. The 37-year-old landed her breakout role in sci-fi series Humans and has gone on to star in hit 2018 romantic comedy Crazy Rich Asians and superhero blockbuster Captain Marvel. L’Oréal chose Chan as its latest spokesperson due to her efforts as an advocate for inclusivity and feminism,
IN BRIEF
PINTEREST Social media site Pinterest is upping its presence as more than just a discovery site by bringing its virtual ‘try on’ tool to the UK market. Users will be able to test colour cosmetics stocked at retailers via the app and easily transition through to purchase from the online shop.
SUPERDRUG Superdrug, the A.S. Watson- owned health and beauty retailer, has launched its Superdrug TV series on YouTube as it invests in digital to stay connected with consumers during uncertain times. Superdrug TV offers viewers exclusive content including a behind-the-scenes look at the retailer, access to events and interviews with celebrities and influencers, as well as the latest beauty launches.
including founding her own production company to amplify minority voices, which saw her named as a ‘Force for Change’ by the Duchess of Sussex Meghan Markle as a guest editor of British Vogue.
LUSH AGREES TO PAY BACK $4.4M TO UNDERPAID AUSTRALIAN WORKERS
AUSTRALIA Cosmetics giant Lush has admitted to underpaying 3,130 Australian workers by more than $4m between 2010 and 2018. Australia’s Fair Work Ombudsman (FWO) said that Lush had failed to provide the correct rates for minimum wage, weekend and shift work, overtime and allowances for staff across Lush’s Sydney factory and various stores. It said the contraventions were caused by Lush’s “inadequate workplace relations systems and processes, including a lack of training staff and managers, a manual payroll system, and the absence of an HR department in a rapidly growing business”. As well as paying back $4.4m to its employees, Lush will send a further $60,000 to the Commonwealth’s Consolidated Revenue Fund, which it has agreed to under an Enforceable Undertaking (EU) with the FWO.
YSL BEAUTÉ YSL Beauté, the L’Oréal- owned beauty brand, is taking a stand against violence in intimate relationships with the launch of its Abuse is Not Love initiative, in a bid to raise awareness and provide support for those dealing with an abusive partner. The global campaign will see the brand fund academic research on intimate partner violence to encourage discussion and prevention.
JOHN LEWIS John Lewis’ Christmas advert has hit TV screens for 2020. The luxury department store, along with its supermarket chain Waitrose, took inspiration from the kindness shown by people as the UK continues to grapple with the coronavirus pandemic. Featuring animation, claymation and CGI, the ‘Give A Little Love’ film was created by eight artists in an effort to give employment to the creative industry, which has been hit hard by shutdowns due to Covid-19.
cosmeticsbusiness.com
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