Fashion entrepreneur Hunter shows continued support for the THG boss

In a strong endorsement of THG founder and CEO Matt Molding, billionaire investor and philanthropist Sir Tom Hunter has reaffirmed his commitment to the struggling beauty/nutrition digital retailer and its boss.

Hunter said THG has maintained its business relationship with the format and will continue to be a vocal supporter of the business, saying it is a “real success story.” He owns a stake in the company worth more than £100 million.

Hunter, who founded the sports division business and invested in THG before it listed on the stock exchange, told The Times: “We’ve supported Matt since 2009 – and we’re delighted to be supporting Matt today. There aren’t many people who grow from nothing to possibly one of the world’s largest online beauty platforms. It’s a real success story, but it wasn’t a stock market success story.

He added: “We’ve made a lot of money from THG, but we still have the opportunity to invest and be happy and investors. We are committed to THG and reiterate our absolute confidence in Matt Molding and his team.

In the year After listing in the UK’s biggest IPO in five years in London in 2020, the Manchester-based e-commerce group’s market value has fallen from £5 billion to £680 million.

Share prices have since been hurt by concerns about unethical management and questions about the value of its Ingenuity Technology division.

Earlier this week, news broke that Allianz Commerce had cut coverage for its suppliers.