Google backs Ingenuity
NEWS IN BRIEF
Google has invested in the Ingenuity platform spun off by THG in a deal reportedly valuing the business at $1 billion. The internet giant has invested through an instrument that could be converted into equity stake in the ecommerce platform, according to Sky News. Ingenuity supports the online operations of retailers including Holland & Barrett, The Range and L’Oréal. Its demerger has left THG holding the beauty and nutrition business behind the brands MyProtein and Cult Beauty. THG, which was co-founded by Matt Moulding in 2004, pressed ahead with the demerger after a turbulent period as a public company.
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