Beauty manufacturer and brand owner Warpaint London said on Wednesday that the first six months of the year saw its sales falling 29% to £13.5 million as a result of Covid-19 restrictions in the UK and internationally.
It’s been a long time coming since the announcement last year, but Harrods has finally opened its first standalone beauty store, H Beauty, at Lakeside in Essex. A second store will open in Milton Keynes in 2021.
The Hut Group’s much anticipated IPO will see its shares priced at £5 each giving it a market cap of £5.4bn, the company has said. It added that the 374m shares being sold make up around 35% of its total share count.
The cosmetics conglomerate is facing a class action lawsuit from shareholders claiming that the company provided misleading information about its acquisitions of the P&G specialty beauty business and Kylie Cosmetics.
Dozens of activists from South Africa's radical leftwing Economic Freedom Fighters (EFF) party picketed outside stores of a leading retail pharmacy on Monday over a controversial "racist" hair advertisement.
The Hut Group has published details of its highly anticipated stock market float with confirmation that it will go ahead with the IPO and that it plans to list on the London Stock Exchange’s main market this month.
The Illinois-based cosmetics retailer announced a 26.3% decline in second-quarter net sales on Thursday due to disruption linked to Covid-19, but still managed to beat analysts’ expectations with its profit.
The Hut Group confirmed what had been widely expected on Thursday morning — that it’s going to float on the London Stock Exchange. It also revealed impressive percentage growth figures and its strength in key markets.
Consumers staying home more often are bad news for the make-up and fragrance categories this year with the wider beauty sector set to decline by as much as 10%, a value that won't be recouped next year.