E-commerce company Huddled Group PLC (AIM:HUD) has taken full control of circular-economy cosmetics platform Boop Beauty after taking an initial stake earlier in the year.
The AIM-listed company bought the final 25% of the Boop platform with a £100,000 share-based payment to founder Yasmine Amr, who will receive 3.25 million shares.
"The board of Huddled has been encouraged by Boop Beauty's trading thus far and feel full ownership better justifies the allocation of additional resources to the business in order to fuel its continued growth," the company said in an announcement this morning.
Amr, a former in-house lawyer at L'Oreal, founded Boop in 2023 as a circular economy e-commerce business, focused on selling surplus inventory from luxury beauty brands directly to consumers, helping reduce some of the estimated US$4.8 billion worth of products that go to waste annually.
Huddled said purchasing 100% of the business would accelerate Boop's "growth trajectory" as it could now justify upping investments in inventory and marketing initiatives and also allow Amr "to stay actively engaged" as a non-executive director of Boop.
Since buying a 75% stake of Boop in July, Huddled relaunched the website in September with an enhanced range and that same month the platform was a winner in Marie Claire magazine's 2024 sustainability awards.