In a strong endorsement of THG founder and chief executive Matt Moulding, billionaire investor and philanthropist Sir Tom Hunter has reaffirmed his commitment to the beleaguered digital beauty/nutrition retailer and its boss.
Hunter said THG has been “a real success story,” saying he is maintaining his business relationship with Molding and will remain a vocal supporter of his business. He holds a stake in the firm worth over £100m.
Hunter, who founded the Sports Division business and invested in THG before it went public, told The Times newspaper: “Matt we have supported since 2009 – and we are still delighted to support Matt today. Not many people start from nothing and grow to possibly one of the biggest beauty platforms in the world. It’s a real success story, but it hasn’t been a stock market success story.”
He added: “We’ve had a lot of money from THG, but we’re still invested and happy and privileged to still be investors. We remain committed to THG and will reiterate our absolute confidence in Matt Molding and his team.”
Since listing in London in 2020 in the UK’s biggest IPO in five years, the Manchester-based e-commerce group’s market value has fallen from £5bn to less than £680m.
Its share price has suffered since then amid concerns about its unorthodox governance and questions over the value of its technology division Ingenuity.
Earlier this week, news emerged that Allianz Trade had reduced its supplier coverage.
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