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THG has announced a strategic partnership with beauty e-commerce retailer Maximo Group that will see its Ingenuity platform underpin its online operations.

The 10-year partnership will initially focus on re-platforming its All Beauty and Fragrance Direct sites to the Ingenuity platform, as part of Maximo’s strategic growth plans.

THG Ingenuity will also become Maximo’s key UK operational partner, providing warehouse and fulfilment services from Q2 2023.

The end-to-end technology and fulfilment services agreement encompasses website services including design, build, hosting and maintenance, warehousing and fulfilment services and end customer delivery services via THG’s network of global couriers.

THG said the partnership is expected to add in excess of £150m in gross merchandise value to the Ingenuity platform annually, with the ambition to re-platform the site by the end of Q2 2023.

THG CEO Matthew Moulding commented: “We are proud to announce our partnership with Maximo. This represents the early fruits of our focus on larger enterprise customers and underlines our position as the online partner of choice for the prestige beauty industry. I am delighted with the progress of our refocused sales team, with our pipeline continuing to build momentum.

“Our unique end-to-end global multichannel solution means our addressable market across beauty, fmcg and retail is significant and will continue to expand as a result of our continuous programme of innovation.”

Vivek Ganotra, THG Ingenuity CEO, added: “Expansion into new international markets is a strategic priority for Maximo Group, with our global distribution network and cross-border expertise enabling its brands to capitalise on the growing digital channel shift across many beauty categories.”

Ian Smith, Maximo Group CEO, said: “Aligning our digital strategy with THG Ingenuity’s technology and operational capabilities will enable our customers to benefit from an enhanced shopping experience, from browsing on site, through checkout to delivery.

“As a brand owner, THG understood our ambitions from the outset, with Ingenuity’s track record of re-platforming large beauty brands making them a natural strategic partner. We have been deeply impressed with the speed at which Ingenuity have delivered and their commitment to a true partnership from outset.”

Morning update

On the markets this morning, the FTSE 100 has opened up 0.5% to 7,704.8pts.

Early risers include THG, up 4.6% to 66.6p after this morning’s announcement, Deliveroo, up 2.7% to 92.4p and Kerry Group, up 2.5% to €92.45.

Fallers include Finsbury Food Group, down 2.6% to 93p, Domino’s Pizza Group, down 2.5% to 275.9p and Nichols, down 2.5% to 1,080p.

Yesterday in the City

The FTSE 100 regained 0.4% yesterday to close at 7,662.9pts after falling back on Tuesday.

Hilton Food Group lost 5% yesterday back to 660p despite announcing a new CEO and guiding to a more bullish 2023 as it experienced a heavy drop in profits due to soaring costs in its seafood division.

Elsewhere, risers included Haleon, up 2.9% to 340.7p, Coca-Cola Europacific Partners, up 2.4% to €53.75, Wynnstay, up 1.7% to 442.5p, Diageo, up 1.6% to 3,669p, Unilever, up 1.5% to 4,288.5p, Reckitt Benckiser, up 1.2% to 6,336p and Coca-Cola HBC, up 1% to 2,287p.

Fallers included Just Eat, down 6.2% to 1,353p, THG, down 5.3% to 63.7p, Fever-Tree, down 3.1% to 1,250p, Deliveroo, down 2.6% to 89.9p, WH Smith, down 2.4% to 1,440p and B&M European Value Retail, down 2.4% to 469.9p.