UK-based online retail organisation The Hut Group (THG) has acquired Australia-based beauty and haircare company RY.

RY sells products on an e-commerce platform and at two physical stores in Burleigh and Southport, Queensland, reported Financial Times.

THG chief executive Matthew Moulding was quoted by Financial Times as saying: “We are delighted at the acquisition of RY.com.au, a leading player in the growing Australian haircare and beauty market and a business that complements our existing beauty websites such as look fantastic and Skincare store.

"The move follows THG’s acquisition of Germany-based beauty box subscription services provider Glossybox earlier this month."

“At THG, we have a clear focus on health, beauty, and technology, and we are very proud that this most recent investment sees us become the number one online retailer for health and beauty in Australia.”

The move follows THG’s acquisition of Germany-based beauty box subscription services provider Glossybox earlier this month.

Founded in 2011, Glossybox operates offices in the UK, Germany, France, Sweden, and the US. It has partnered with more than 500 beauty brands.

In 2016, THG grew group sales by 50% to £501m, with international sales by 89% to £316m.