Manchester-based company loses £800m of market value as it warns of profits squeeze
The online retailer THG is to strengthen its board with the appointment of an independent chair after concerns about governance and the future of the business led to a slump in its valuation.
However, more than £800m was wiped off the value of the Manchester-based company, which runs websites including Lookfantastic and Cult Beauty, on Tuesday as it flagged that profit margins would be squeezed by currency changes. Shares dived 21% to a new low of 242p as analysts also pointed to a slowdown in growth at THG’s core beauty division.
