THG has delivered revenue growth in the first half of 2026, with momentum driven by a strong performance from retailer Lookfantastic, rising sales on TikTok Shop and a growing demand for skin care and K-beauty.
Group revenue reached £828.7m, up 7.2%, across the company’s Beauty and Nutrition arms, both in growth for the fourth consecutive quarter.
Beauty revenue rose 5.9% to £500.2m in the six months ending 30 June, accounting for around 60% of THG’s total group revenue.
The global retailer and brand owner’s Beauty division continued to gain market share, with retail revenue in the UK up 6.7%.
Lookfantastic was a key contributor to this growth, with skin care sales seeing a 17.4% rise year to date.
The retailer expanded its premium brand offerings over the six month period, adding more than 50 new brands to its roster.
Social-led commerce was a huge contributor to THG’s growth, with Lookfantastic’s revenue from TikTok Shop increasing 26% year-on-year (YOY).
K-beauty was another notable source of growth and customer acquisition, with THG stating that more than 64,000 new customers were acquired through K-beauty
THG Beauty also saw loyalty membership increasing by 9%, with around 90% of its beauty revenue coming from returning customers while the number of D2C orders placed increased to 16.1 million from 15.4 million.
Despite some strong figures, THG Beauty also faced challenges as gross margins fell to 38.8%, which was attributed primarily to the timing of manufacturing orders.
The company also warned that new EU customs charges, introduced from 1 July, are expected to weigh on beauty in the short term, with THG expecting group revenue growth of around 2% in the third quarter, with recovery forecasted for Q4.
Matthew Moulding, CEO of THG, said: "THG delivered a strong first half, reflecting our successful transition from a capex-intensive technology and consumer brands group into a highly profitable global leader in Nutrition and Beauty, focused on delivering sustainable growth in free cash flow.
“THG Beauty continues to strengthen its position as a leading global digital beauty platform, underpinned by technology leadership, exciting new brand partnerships and strong brand health."
"The strength of these first-half results demonstrates the progress we have made and the quality of the Group we have today.
“Looking ahead, we enter H2 with real momentum, whilst also acknowledging broader market challenges around consumer discretionary spend, record high whey commodity pricing, as well as recent EU tariffs.
“The Group has delivered significant initiatives to mitigate these headwinds, supporting FY 2026 consensus, while positive signs around the direction of whey input costs are encouraging for the future."
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