Circular economy specialist Huddled has acquired the surplus beauty and cosmetics seller Boop Beauty in the latest in a string of brand takeovers.
London-listed Huddled said it would pay a “modest sum” for a 75 per cent stake in the company, which was founded by former L’Oreal in-house lawyer, Yasmine Amr, in 2023.
Boop delivered 558 orders in the second quarter of 2024, with an average order value of circa £39.
Huddled said that it believes with “additional investment and support” the business could be “well placed for growth”.
Over the past 12 months, Huddled has inked a range of deals, notably Food Circle Supermarket in April and Discount Dragon in October 2023, as the business has looked to grow its portfolio of e-commerce brands.
Martin Higginson, Huddled Group CEO said: “We are thrilled to be working with Yasmine. The Boop business concept is fantastic and sits perfectly with the Huddled circular economy strategy. It was clear that Huddled could provide Boop with some key ingredients- more stock, marketing and fulfilment – to drive growth.
“I’m confident with the resources and support of the Huddled Group, Boop can flourish, and become a trusted and ethical partner for beauty and cosmetic companies in solving their excess stock challenges”.
Yasmine Amr, founder of Boop added: “Over $4.8bn (£3.75bn) worth of beauty products are destroyed globally each year, many of these due to overproduction. Boop had set out to tackle this serious issue and a growing number of brands have already embraced the concept.
“The investment from Huddled will allow me to accelerate the vision I had for Boop – I’m excited to be working with the Huddled team to drive the business forward.”
Huddled said that upon completion, additional working capital would be made available to the business to allow it to purchase a “broader and deeper range” of relevant stock, as well as a “deeper range of the faster selling items” and increase customer acquisition marketing.