Target sells Dermstore for $350 million
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The pandemic hit many retail businesses right where it hurts, in their pockets. Due to Covid-19, many businesses lost revenue. Many have received government funding or went into bankruptcy. Target however, seems to be doing just fine. The have continued to provide for customer by pivoting and adding contact free shopping to their services. They even partnered with major companies such as Ulta Beauty.
Dermstore is an e-commerce based beauty site that was acquired by Target in 2013. They have recently sold the company to a British retail company for $350 million dollars. Some believe this decision came from their new partnership with Ulta Beauty, which might have caused a conflict. Target released a statement saying, “For seven years, Dermstore achieved growth milestones as a premium e-commerce beauty retailer operating as a wholly owned subsidiary of Target.” The company went on to explain that selling to The Hut Group Holdings will only benefit the online beauty site. Target stated, “Target is focused on continuing to grow and gain market share with its curated beauty assortment to serve our guest needs.”
Target is constantly on the rise to better serve their customers. After a year of retail uncertainty, Target is ending 2020 with a nice deal.
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