THG PLC

United Kingdom · owned by Independent (United Kingdom) · thg.com · 33 vendors

THG PLC is a global retailer and brand owner operating through two leading predominantly online consumer businesses: THG Beauty and THG Nutrition. THG Beauty operates prominent online platforms including Lookfantastic, Cult Beauty and Dermstore, while THG Nutrition is led by Myprotein, the world's largest online sports nutrition brand.

Resilience scores

Technology vendors

Insights

Last updated 2026-01-26 · revision 9

33 direct vendors, 273 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Migration Readiness: 4/10

Assessed by AI based on technology stack characteristics (cloud-native vs legacy, containerization, microservices), regulatory environment, data residency requirements, financial stability, and vendor lock-in risks. The score ranges from 0-10, where higher scores indicate better readiness for technology migration.

Migration readiness is assessed as low-to-medium due to the likely high level of customization and lock-in associated with the proprietary THG Ingenuity platform. Moving away from or significantly altering a bespoke core e-commerce engine is far more complex than migrating standard COTS software. The presence of 64 distinct digital services indicates a complex integration landscape. Furthermore, strict regulatory obligations (GDPR) and data residency requirements across diverse operating regions (UK, Europe, Asia, North America) create significant friction for data mobility and infrastructure changes. The lack of visibility into specific vendor contracts ('Total Vendors: 0') further obscures potential contractual exit barriers.

Compliance

4 in-scope frameworks identified; showing 3.

UK Modern Slavery Act — Compliant

THG PLC is a UK-based company with global operations and a large supply chain, meeting the criteria for mandatory reporting.

THG has published a comprehensive Modern Slavery Statement demonstrating compliance. They have implemented supplier due diligence through Sedex membership, conducted audits, and established reporting mechanisms.

Evidence: https://fcdn.thg-corporate.com/thg/MSD_Final_b1ee5f5901_85103926cc.pdf

SOC 2 (source) — Assessment Required

As a major e-commerce company with global digital platforms, THG likely uses cloud services and processes customer data that would benefit from SOC2 compliance.

While not legally mandated, SOC2 is increasingly expected by enterprise customers and partners. Non-compliance could impact business relationships and customer trust, though it doesn't carry direct regulatory penalties.

GDPR (source) — Assessment Required

THG PLC is a UK-based company processing personal data of EU/EEA residents through their global e-commerce operations (THG Beauty and THG Nutrition).

THG PLC processes extensive personal data including customer, employee, and supplier data. GDPR fines can reach 4% of annual turnover (£68M based on £1.7B revenue), making non-compliance extremely costly. The risk is high due to the volume of personal data processed and significant financial penalties.

Financials

Three-year financials

Financial Resilience Score: 5.5/10

THG's financial resilience is a mixed picture, characterized by a strong liquidity position and revenue base, but undermined by persistent unprofitability and market skepticism. As of the end of FY 2023, THG maintained a robust liquidity position. The company reported cash and cash equivalents of approximately £472 million and had access to an undrawn Revolving Credit Facility (RCF) of £595 million, providing significant operational headroom. A key strategic goal has been to achieve positive free cash flow. In 2023, the company made significant progress, reporting positive cash flow from operating activities, a marked improvement from the cash burn seen in previous years. The company operates three distinct divisions across a global footprint, which provides a degree of diversification against downturns in any single product category or region. The primary risk is the company's inability to translate its large revenue base into statutory profit. Consistent, large-scale operating losses raise long-term questions about the sustainability of its business model without continuous cost-cutting or restructuring. While liquidity is strong, the company carries a notable debt load. Net debt is a key metric watched by investors, and servicing this debt can be a drag on profitability. Since its high-profile IPO in 2020, THG's share price has fallen dramatically. This reflects significant market concern regarding its corporate governance, the true valuation of its Ingenuity platform, and its path to sustainable profitability. The Beauty and Nutrition divisions are heavily reliant on consumer discretionary spending, making them vulnerable to economic downturns and inflationary pressures that squeeze household budgets.

Key strengths: Strong Liquidity, Improving Cash Flow, Diversified Revenue Base

Risk factors: Persistent Statutory Losses, High Leverage, Market Confidence, Dependence on Discretionary Spending

Revenue by geography

Revenue by product/service

Workforce by country

Signed-in users can see whether their own company is exposed to this vendor's disruption, plus the full sub-vendor list and country breakdowns, every in-scope compliance framework plus gaps and next steps, and alerts when any of it changes.

View the full interactive report