THG, a UK-based sports nutrition and beauty products business, has announced plans to reduce over 100 jobs across various divisions. The Manchester-headquartered e-commerce retailer has already cut approximately 7,000 jobs in the past two years as part of cost-saving initiatives, as reported by “The Financial Times.”
In response to the planned job cuts, a spokesperson for THG stated, “THG is dedicated to enhancing operational efficiency to better serve our global customer base. As part of this effort, we are restructuring certain business areas to maximize recent investments in automation, technology, and AI. While this may lead to a limited number of redundancies, THG is committed to supporting all affected employees and offering them alternative roles within the company.”
Established in 2004 by CEO Matthew Moulding, THG, listed on the London Stock Exchange, owns the Myprotein sports nutrition range and the Lookfantastic beauty brand. The Myprotein range has recently expanded to high street retailers such as WH Smith and Boots.
In the first quarter ending on March 31, nutrition revenues at THG declined by 9% to £150.8m ($194m) on a reported basis and 5.8% in constant currency terms. Total group revenue increased by 2.1% to £455.4m during the same period.
THG’s annual results for the 12 months up to December 31 showed a revenue decrease of 8.4% to £2.05bn, with sales revenue in the nutrition division remaining stable at £657.9m. Adjusted EBITDA from continuing operations grew by 48.4% to £120.4m, although the company reported an overall loss of £185.4m.
The UK remains a key growth market for THG, with international sales accounting for 54.2% of group revenue. The company plans to expand manufacturing operations in Japan and has already added India to its production locations.
THG aims to increase brand sales through collaborations with major retailers and food and beverage brands. The company has already expanded retail presence to over 2,500 stores in the UK, with products now available in all major UK grocery stores.
