The acquisition follows the voluntary Chapter 11 bankruptcy proceedings of Biossance’s owner, the US biotechnology group Amyris Inc. This strategic purchase includes Biossance’s assets, intellectual property, inventory, and debtors, valued at $29 million. The completion of the acquisition is anticipated in the middle of the month, with integration set to conclude in Q1 2024.
Established eight years ago, Biossance has amassed global revenues of around $300 million, with a strong retail presence in over 1,600 stores worldwide, including renowned outlets like Sephora, Harrods, Space NK, Douglas, and Selfridges. In addition to physical retail locations, Biossance products are available online through its official webstore and THG’s online beauty platforms, Lookfantastic and Cult Beauty.
Biossance’s skincare range, encompassing cleansers, creams, and serums, is celebrated for its innovative ingredient technology and unwavering commitment to sustainability. The brand offers products at price points ranging from $15 to $74. Matthew Moulding, CEO of THG, lauded Biossance as a «pre-eminent skincare brand» with formulations rooted in «technology-led, clean chemistry.» Moulding expressed enthusiasm for the acquisition, citing THG’s extensive experience in prestige skincare. Integration of Biossance onto the Ingenuity platform, THG’s proprietary e-commerce ecosystem, will commence post-acquisition. Notably, Biossance has already contributed approximately $2 million in revenue across THG’s retail sites in the past 12 months.