Fashion entrepreneur Hunter signals ongoing backing for THG chief
In a strong endorsement for THG founder and chief executive Matt Moulding, billionaire investor and philanthropist Sir Tom Hunter has reaffirmed his commitment to the beleaguered beauty/nutrition digital retailer and its boss.
Hunter said THG has been a “a real success story”, saying he’s maintaining his business relationship with Moulding and remaining a vocal supporter of his business. He holds a stake in the firm worth over £100 million.
Hunter, who founded the Sports Division business and invested in THG before it listed on the stock exchange, told The Times newspaper: “Matt we have backed since 2009 — and we are still delighted to back Matt today. There are not many people who start from nothing and grow probably one of the world’s biggest online beauty platforms. It is a real success story, but it has not been a stock market success story.”
He added: “We have had a lot of money out of THG but are still invested and happy and privileged to still be investors. We remain committed to THG and would reiterate our absolute faith in Matt Moulding and his team.”
Since listing in London in 2020 with the UK’s biggest IPO in five years, the Manchester-based e-commerce group’s market value has plummeted from £5 billion to less than £680 million.
Its share price has since suffered amid concerns about its unorthodox governance and questions over the value of its Ingenuity technology division.
Earlier this week, news emerged that Allianz Trade had reduced cover to its suppliers.
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