The THG PLC (LON: THG) share price rose 9% after entering into a new partnership with Maximo Group. The beauty e-commerce retailer operates websites such as frangrancedirect.co.uk and allbeauty.com.
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The two companies have signed a 10-year partnership agreement initially focusing on re-platforming Fragrance Direct and All Beauty to the Ingenuity platform as a critical part of Maximo’s strategic growth plans.
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THG Ingenuity will also become Maximo’s leading UK operational partner and provide warehouse and fulfilment services to Maximo starting from Q2 2023. The agreement covers end-to-end technology and fulfilment services, including warehousing and fulfilment services and delivery to end customers via THG’s network of global couriers.
The agreement between Maximo Group and THG Ingenuity will add over £150 million GMV to the Ingenuity platform annually, with the goal of re-platforming the two websites by the end of Q2 2023. Investors cheered the news, as evidenced by the rally in the THG share price.
THG PLC’s CEO, Matthew Moulding, commented: “We are proud to announce our partnership with Maximo. This represents the early fruits of our focus on larger enterprise customers and underlines our position as the online partner of choice for the prestige beauty industry. I am delighted with the progress of our refocused sales team, with our pipeline continuing to build momentum. Our unique end-to-end global multichannel solution means our addressable market across beauty, FMCG, and retail is significant and will continue to expand as a result of our continuous programme of innovation.”
Ian Smith, Maximo Group, commented: “Aligning our digital strategy with THG Ingenuity's technology and operational capabilities will enable our customers to benefit from an enhanced shopping experience, from browsing on-site, through checkout to delivery. As a brand owner, THG understood our ambitions from the outset, with Ingenuity's track record of re-platforming large beauty brands, making them a natural strategic partner. We have been deeply impressed with the speed at which Ingenuity has delivered and their commitment to a true partnership from the outset.”
Investors will be looking forward to future updates about the progress made by the two companies in executing the 10-year agreement.
*This is not investment advice.
THG share price.
The THG (LON: THG) share price rose 9.02% to trade at 68.9p from Wednesday’s closing price of 63.2p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.