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Online retailer THG to strengthen board after governance concerns
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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.
Simon Bowler, an analyst at Numis, said in a note: “The strong order book is encouraging but fails to offset the worsening momentum and worsening cash profile of the core businesses.”
After several weeks of
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