Huddled Group, an e-commerce company focusing on the circular economy, has announced the purchase of a 75 per cent stake in Boop Beauty.

The exact terms of the deal were not disclosed but Huddles said it would pay a “modest sum” similar to the value of the stock along with a commitment to provide further capital for growth.

Boop Beauty, which was founded by former L'Oreal in-house lawyer Yasmine Amr, sells excess beauty and cosmetic products directly to customers online. Products sold on the site include surplus items from overproduction and discontinued goods.

Amr will remain in her role as non-executive director and will continue to hold shares in the business.

Boop Beauty's online store has been taken offline whilst it is integrated into Huddled group.

Huddled said it expects to relaunch the store in early September 2024.

"Over $4.8 billion worth of beauty products are destroyed globally each year, many of these due to overproduction,” Amr said. “Boop had set out to tackle this serious issue and a growing number of brands have already embraced the concept.

“The investment from Huddled will allow me to accelerate the vision I had for Boop - I'm excited to be working with the Huddled team to drive the business forward."

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