Huddled Group PLC (AIM:HUD) shares traded higher on Monday, lifted by the news of a new investment – with the e-commerce small-cap dealing into a 75% stake in Boop Beauty Limited.
Boop Beauty, which sells surplus beauty products, is seen as an accretive addition to the Huddled ‘circular’ economy e-commerce strategy.
Boop, founded by a former L'Oreal lawyer Yasmine Amr, sells surplus and/or discontinued beauty products, and last quarter delivered 558 orders.
"We are thrilled to be working with Yasmine,” Huddled chief executive Martin Higginson said.
“The Boop business concept is fantastic and sits perfectly with the Huddled circular economy strategy.
“It was clear that Huddled could provide Boop with some key ingredients- more stock, marketing and fulfilment - to drive growth.”
Higginson added: "I'm confident with the resources and support of the Huddled Group, Boop can flourish, and become a trusted and ethical partner for beauty and cosmetic companies in solving their excess stock challenges".
Amr, meanwhile, said: "Over $4.8 billion worth of beauty products are destroyed globally each year, many of these due to overproduction.
“Boop had set out to tackle this serious issue and a growing number of brands have already embraced the concept.
“The investment from Huddled will allow me to accelerate the vision I had for Boop - I'm excited to be working with the Huddled team to drive the business forward."
Huddled aims to relaunch Boop Beauty's online store, following its integration into the Huddled Group, in early September.