June 14, 2024


Everyday Fashion

Beauty e-commerce titans slip down The Sunday Times Rich List


By Alessandro Carrara

The owners of the luxury department store Harrods saw their net worth slip by £1m to £1.699bn

Boohoo entered the world of cosmetics with its debut collection earlier this year

Boohoo entered the world of cosmetics with its debut collection earlier this year

Two of Britain’s beauty industry’s e-commerce giants, THG and Boohoo, have seen their owners’ worth plummet in the The Sunday Times Rich List.

Matthew Moulding, which owns online business THG (formerly known as The Hut Group), saw his net worth slump by £1.4bn to £700m – dropping 78 places on the list to 230.

THG, despite this, saw shares soar on 23 May 2022 after the Manchester-based group “detailed scrutiny” for the remainder of the year.

Boohoo’s owners, the Mahmud Kamani family, also saw their total network worth drop by nearly half to £720m.

The popular beauty and fast fashion e-tailer entered the world of cosmetics with its debut collection earlier this year, with a 50-strong line at an ‘affordable price point’.

The slump in net worth comes in spite of Boohoo posting a 14% rise in its revenues to £1.983bn, for the year ended 28 February 2022.

In 2021, Boohoo took over legacy department store chain Debenhams, following its exit from the high street after nearly 200 years.

The Mohamed Al Fayed family, which owns the luxury department store Harrods, saw their net worth slip by £1m to £1.699bn.

Harrods recently opened the doors to a fourth dedicated beauty hall at Bristol’s The Mall Cribbs Causeway.

The 25,000sqft destination opened in April 2022 and is described as a ‘utopia of discovery’.

Nearly 90 international beauty brands are available in-store, including Huda Beauty, Kylie Cosmetics and Chanel.

The beauty hall is led by Annalise Fard, Harrods’ Director of Beauty and Mia Collins, the group’s Head of Beauty.

Other notable names in the Rich List include Harry Styles being labelled as Britain’s richest musician.

Styles launched Pleasing last year, his new beauty brand which offers nail polishes and skin care products.

Christoph Henkel, owner of the German chemical and consumer goods company Henkel, saw an eye watering rise in its net worth of £13.6bn to £15bn – placing it seventh on the list.

Primark-owner the Weston family, increased their worth by £2.5bn to £13.5bn.

The Jatania brothers, which owns Yardley and Harmony Hairspray, also posted a modest £2m increase in their worth to £650m.

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Sir Philip Green, the controversial former owner of the BHS department store chain and Topshop, saw no change in his net worth, sitting at £910m.



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