THG CEO Matt Moulding has tipped the online retailer to have a ‘remarkable 2025’ despite a slight fall in sales for the fourth quarter of 2024.
The entrepreneur said the Manchester-headquartered firm was well placed following the demerger of THG Ingenuity from the profitable THG Beauty and THG Nutrition.
Moulding and his family spent the weekend taking part in Hyrox Manchester, which is a fitness competition that combines running and functional workouts.
THG reported a 2.6 per cent drop in revenue for the fourth quarter of 2024 to £552.4m and full year revenues of £1.88bn.
THG’s Beauty division, home to Look Fantastic, MyProtein, and Cult Beauty, saw revenues rise to £1.1bn during 2024.
One encouraging note was the performance of THG Ingenuity, which witnessed a 22.9 per cent increase in the fourth quarter to £58.8m.
Moulding praised the company’s ‘agility and resilience’, which included Ingenuity’s much-publicised demerger and a global rebrand of Myprotein.
He added: “Our beauty business had a standout year, underpinned by strong performances in the UK and US.
“The continued success of our customer loyalty and reward program, and the opening of our first-ever Lookfantastic physical store, further cement our leadership position in the global beauty market.
“These achievements demonstrated significant progress against our strategic priorities and set the stage for an even more remarkable 2025.
“Despite the transitory headwinds, Myprotein achieved several notable successes: entry into the dairy market through the launch of a long-term partnership with Müller; the commencement of a co-manufacturing relationship in Japan, the expansion of our Iceland partnership, and many other licensing and retail listing agreements.
“We are excited to further deepen our retail expansion strategy internationally in the forthcoming year.
“I would like to thank everyone involved at THG for their immense efforts during a transformative year for the business. I’m looking forward to further strong progress in 2025.”
The self-confessed fitness fan posted photos of himself and his family on Instagram over the weekend from Hyrox Manchester. “Could only swerve it for so long,” he wrote.