Cult Beauty owner THG returns to growth with strongest quarter since 2021

THG, the owner of Cult Beauty, Lookfantastic and My Protein, has reported its strongest quarter of organic sales growth since 2021. Revenue rose by 6.3% in Q3 2025, driven by growth across both its Beauty and Nutrition divisions.

The rebound marks a turning point for THG, which has undergone a period of restructuring and brand repositioning following the demerger of its Ingenuity arm. Group revenue reached £405.2 million in the third quarter, up 2.4% year-on-year, and returned the company to year-to-date revenue growth of 0.3%.

THG Beauty, which includes Lookfantastic, Cult Beauty, saw its highest revenue growth (up by 4.2%) since Q1 2024.

A record advent calendar performance and robust UK retail momentum - including double-digit growth from Lookfantastic - underpinned the division’s return to growth. In the US, luxury skincare and beauty device sales continued to improve, supported by a 22% rise in subscription revenue year-on-year.

THG Nutrition, home to Myprotein, delivered the group’s standout performance, with 10% revenue growth year-on-year, the division’s highest rate in over two years.

Online performance benefited from selective pricing and surging engagement across social commerce and marketplace channels, which jumped 91% year-on-year. Offline expansion continued led by Myprotein’s rollout into 2,500 CVS stores in the US and in the Middle East with Spinneys supermarkets.

The Q3 performance positions THG ahead of its H2 2025 guidance, which projected group growth between 3.9% and 5.9%. The Board said full-year expectations remain unchanged, with the company entering its "most profitable and cash generative period".

Matthew Moulding, CEO of THG, said: "I am pleased to report a solid Q3 performance, with a return to growth across both THG Beauty and THG Nutrition. Our progress is a direct result of the strategic initiatives and operational change we have implemented, and we are well positioned for the key trading period ahead."

The results suggest THG’s back-to-basics strategy - focusing on operational discipline, D2C growth, and global retail expansion - is beginning to pay off.