THG Group has announced the company made further progress in the first six months of 2024 in line with previous revenue guidance, and the second quarter is expected to represent the third consecutive quarter of year-on-year revenue growth.
The company said in a statement that the performance is underpinned by positive trading within the beauty, external ingenuity and offline nutrition businesses, which have helped offset continuing FX headwinds within Asia.
The company added that THG and Frasers Group have decided to form a partnership across several areas.
THG’s business segments witness positive mometum
THG Beauty witnessed the positive momentum from the fourth quarter of 2023 continue into the first half of 2024 with a strong recovery in beauty manufacturing following the prior year industry destocking.The segment reported a 45 percent increase in app downloads and increase in loyalty programme membership.
THG Nutrition progressed with rebranding across the Myprotein range with 80 percent of products by online revenue planned to be under new branding by the end of the third quarter of 2024.
THG Ingenuity momentum continued to strengthen, underpinned by an acceleration of third party revenue growth in the second quarter and 30 percent monthly recurring revenue.
THG partners with Frasers Group
THG Ingenuity and Frasers have entered a multi-year Ingenuity agreement including courier management services and re-platforming the Frasers Group's Australian fulfilment and logistics operations.
Commenting on the partnership with THG, Michael Murray, CEO of Frasers Group said: "Today we are pleased to announce a new strategic partnership with THG, which includes launching our consumer credit and loyalty proposition, Frasers Plus across the THG Ingenuity platform. This is an exciting step towards our Frasers Plus ambitions as we look to expand its offering across additional third-party platforms."
Frasers Group's credit and loyalty platform, Frasers Plus, is now integrated into Ingenuity's checkout and will soon be available to both THG's Beauty and Nutrition customers, as well as to Ingenuity clients.
A curated range of Myprotein products will be launched in-store at Sports Direct, including the Hyrox x Myprotein range.
THG has agreed to sell its portfolio of luxury goods websites, including Coggles.com, to the Frasers Group. THG's 11 year old luxury division grew to 43 million pounds in sales and broadly break-even for FY 2023.
"We are delighted to be partnering with Frasers Group across a broad range of initiatives, in particular bringing Frasers Plus to consumers shopping with Ingenuity clients, as well as to our own retail sites including Lookfantastic, Cult Beauty and Myprotein. Our luxury brand portfolio including Coggles has grown from a standing start eleven years ago, and we are eager to watch it develop further as an Ingenuity client," added Matthew Moulding, CEO of THG.
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