Key takeaways
- THG Beauty and Nutrition returned to growth in Q3 2025 after restructuring and strategic changes.
- Total revenue rose 2.4% to £405.2m, with continuing revenue up 6.3%.
- Beauty revenue grew 4.2% on a continuing basis, despite a headline decline.
- UK retail saw double-digit growth for Lookfantastic and strong new brand launches.
- US performance improved, driven by luxury skincare and increased subscriptions.
- THG expects record advent sales and is on track to meet full-year targets.
In the three months to the end of September, both divisions saw accelerating momentum. While total revenue rose modestly by 2.4% to £405.2 million, revenue on a continuing basis increased by 6.3%. Although total Beauty revenue declined by 1.2% to £258.2 million, it rose by 4.2% on a continuing basis.
This 2.4% year-on-year increase marks a notable recovery after a 2.6% decline in the first half, placing the group back on a growth trajectory and on course to meet its full-year targets.
THG Beauty has recently streamlined its operations, discontinuing several activities and divesting its luxury portfolio. The business now expects Beauty sales to grow between 1% and 3% in the second half, particularly with the holiday season approaching.
THG said its third-quarter performance has positioned Beauty for a record advent sales contribution in 2025. UK retail showed strong momentum, with double-digit revenue growth for Lookfantastic and solid results from newly launched brands. Overall revenue growth of 4.2% was the highest since Q1 2024.
In the US, retail performance continued to improve, driven by growth in luxury skincare and beauty devices. Increasing customer subscriptions have supported higher order frequency and improved lifetime value.
CEO Matthew Moulding said the focus for THG Beauty has been on commercial discipline: “Elevating the brand proposition has driven a return to revenue growth, supported by a strong advent launch.”
“Our progress is a direct result of the strategic initiatives and operational changes we have implemented, and we are well positioned for the key trading period ahead,” he added.
