THG (The Hut Group)
- 🦄Became a unicorn2020
- 📈Peak valuation$7 Billion ’21
- 💔Became a Unitard2022
- 💸Last valuation~$770M
How it happened
THG, formerly The Hut Group, is a British e-commerce group spanning beauty (Lookfantastic), nutrition (Myprotein) and a technology platform, Ingenuity, it pitched to justify a tech valuation. Its September 2020 London IPO valued it around £5.4B, but investors soured on governance concerns and doubts that Ingenuity deserved a tech multiple. The shares crashed more than 90%; THG demerged Ingenuity and restructured, leaving its market value around $0.76B — one of London's most painful recent de-ratings. Glassdoor reviews from after the crash describe a lean, high-churn workplace: repeated redundancy rounds, a revolving door of unfilled roles that piled work onto survivors, and UK tech jobs re-sourced by 2025-26 to a new office in India.
Employee accounts paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗. See our methodology.
Source: Motley Fool / Morningstar / companiesmarketcap (500p IPO Sept 2020 at ~£5.4B, ATH 845p; -90%+; ~$0.76B market cap by 2026; demerged Ingenuity, restructured)
