If you’ve been keeping an eye on the London Stock Exchange lately, chances are you’ve already come across the THG share price cha — a story that’s been anything but boring. From a record-breaking IPO that made headlines around the world, to a dramatic crash that sent shockwaves through the investment community, and now a slow but promising recovery — THG PLC has given investors quite the roller-coaster ride. Well, buckle up, because this article breaks it all down in plain language, so whether you’re a seasoned trader or a curious first-time investor, you’ll walk away with a clear picture of where THG has been, where it stands today, and where it might be headed.
What Exactly Is THG PLC?
Before we dive into the THG share price cha, it’s worth understanding what the company actually does — because knowing the business is the first step to understanding its stock.
THG PLC, originally known as The Hut Group, is a global e-commerce company headquartered in Manchester, England. Founded in 2004 by Matthew Moulding and John Gallemore with just a £500,000 investment, the company started out selling CDs, DVDs, and video games online. But it didn’t stay that way for long.
Over the years, THG transformed itself into a powerhouse in two key consumer segments:
- THG Beauty — operating major platforms like Lookfantastic, Cult Beauty, and Dermstore, offering products across skincare, haircare, cosmetics, and fragrance in 195 territories.
- THG Nutrition — led by Myprotein, the world’s largest online sports nutrition brand, offering protein powders, vitamins, supplements, bars, and even activewear under the MP brand.
As of 2025, the company reported revenues of approximately £1.717 billion, with operations spanning more than 140 countries. It’s a genuinely global business, and that scale matters when studying the THG share price cha over time.
In January 2025, THG also completed an important structural change — it demerged its technology and logistics arm, THG Ingenuity, into a privately owned standalone business. This was a pivotal moment, allowing THG to refocus entirely on its two core consumer divisions.
The Historic IPO and the Early Share Price Surge
No discussion of the THG share price cha would be complete without talking about the company’s initial public offering (IPO) in September 2020 — which was, at the time, the largest technology IPO in London Stock Exchange history.
THG raised approximately £1.88 billion, and the company debuted with a market capitalisation of around £5.4 billion. The share price opened at 500p and quickly climbed further as investor enthusiasm ran hot. It seemed like THG could do no wrong — SoftBank’s Vision Fund had already valued the company at over £5 billion in a 2021 investment deal, and the e-commerce boom fuelled by the pandemic was driving extraordinary growth.
Key highlights from the IPO era include:
- Revenue growth exceeding 40% annually in the period leading up to the IPO
- A £500 million funding round from SoftBank prior to listing
- Rapid global expansion into over 160 markets
- The Ingenuity platform positioned as a potential SaaS revenue engine
Investors who got in early were riding high. But, as they say in the markets — what goes up must come down.
The Dramatic Crash: When the Chart Took a Nosedive
Here’s where the THG share price cha gets, well, a bit painful to look at. In late 2021, the share price collapsed by over 80%, sending shockwaves through the market and leaving many retail investors nursing serious losses.
What caused such a dramatic fall? A combination of factors hit at once:
- Corporate governance concerns raised by institutional investors, particularly around the dual-class share structure that gave founder Matthew Moulding outsized voting control.
- A rejected takeover bid that spooked the market.
- Growing scepticism about the company’s complex business model and its ability to turn Ingenuity into a profitable enterprise.
- Broader market rotation away from high-growth tech-adjacent stocks as interest rates began rising.
To put it bluntly, investor confidence evaporated almost overnight. The share price, which had touched highs above 800p, tumbled to well below 100p — a jaw-dropping decline that few could have predicted from the dizzy heights of the 2020 IPO.
The Road to Recovery: A Long and Winding Path
Here’s the optimistic part — and there genuinely is one. THG didn’t throw in the towel. Instead, management launched a serious strategic overhaul, and the THG share price cha since mid-2023 tells a somewhat more encouraging story.
Some of the most important steps taken on the road to recovery include:
- Removal of the founder’s special share in June 2023, moving THG to a standard one-share-one-vote structure. This was a huge governance win and reduced what analysts called the “governance discount” on the stock.
- Focus on profitability and cash generation, rather than growth-at-all-costs.
- Demerger of THG Ingenuity in early 2025, simplifying the business and allowing investors to value the remaining consumer divisions more easily.
- Offline expansion — Myprotein’s offline partnership sales grew 29% in 2024, showing that the Nutrition division can diversify beyond digital channels.
- The Beauty division’s Lookfantastic loyalty scheme boasted 2.8 million members by early 2025, a sign of genuine brand stickiness.
As of early June 2026, THG shares were trading at approximately 33–34 GBX (pence) on the London Stock Exchange, with a market cap in the region of £560–670 million. That’s a far cry from the IPO peak, but it also represents a meaningful recovery from the lows around 22–23p seen in late 2024.
THG Share Price Cha at a Glance: Key Historical Data
The table below summarises the key milestones in the THG share price cha from IPO to present day:
| Year | Key Event | Approximate Share Price |
| 2020 (Sept) | IPO on London Stock Exchange | ~500p |
| 2021 (Jan) | Post-IPO peak | ~800p+ |
| 2021 (Oct–Dec) | Governance crisis & crash | ~200–300p |
| 2022 | Continued decline | ~60–100p |
| 2023 (H1) | Strategic restructuring begins | ~40–70p |
| 2023 (June) | Removal of founder’s special share | ~50p |
| 2024 | Demerger preparation, focus on margins | ~22–40p |
| 2025 (H2) | Recovery trend, analyst upgrades | ~30–48p |
| 2026 (June) | Current trading range | ~33–34p |
What Analysts Are Saying About THG Today
So, what do the experts actually think about the THG share price cha going forward? The short answer is: cautiously optimistic, but with caveats.
According to data from Stockopedia and Investing.com, the analyst consensus target price for THG is approximately 55p, which represents upside of around 70% from the mid-2026 trading price of roughly 32–33p. Here’s what the analyst community is broadly saying:
- JPMorgan upgraded THG from “Underweight” to “Neutral” and raised its price target to 43p from 24p, citing improved operational performance and a reduced downside risk.
- The average 12-month price target from multiple analysts sits around 44–55 GBX, with estimates ranging from a low of 26p to a high of 84p.
- The consensus rating from most analyst groups is currently “Buy” or “Hold”, with the majority of active coverage taking a constructive view.
- Revenue for fiscal year 2026 is forecast at approximately £1.80 billion, holding steady from prior forecasts.
That said, analysts are quick to point out that further re-rating will depend heavily on management’s ability to deliver on growth and margin targets. The easy gains from the recent recovery may already be priced in, and the next leg up will require sustained execution.
Key Risks Investors Should Be Aware Of
Let’s not sugarcoat it — investing in THG carries real risk, and any honest look at the THG share price cha has to acknowledge that. Here are the main risk factors worth keeping on your radar:
- No dividend: THG does not currently pay a dividend, meaning total returns depend entirely on capital appreciation.
- Ongoing losses: The company is not yet consistently profitable, with EPS forecast at -£0.03 for the next financial year.
- High beta stock: THG has a beta of approximately 2.40, meaning it’s significantly more volatile than the broader market. In simple terms, it swings harder — both up and down.
- Competitive landscape: Both the beauty and nutrition markets are fiercely competitive, with Amazon, major pharmacy chains, and direct-to-consumer brands all vying for the same customers.
- Debt levels: With a debt-to-equity ratio of around 75, the company carries meaningful leverage that could become a drag if revenue growth disappoints.
- Execution risk: The demerger of Ingenuity has simplified the business, but it also removed a potential future revenue stream. Whether the refocused consumer model can accelerate growth remains to be seen.
Why the Beauty and Nutrition Segments Are Still a Big Deal
Despite all the turbulence in the THG share price cha, there’s genuine reason to be enthusiastic about the underlying businesses.
THG Beauty is arguably one of the most compelling digital beauty platforms in the world. With Lookfantastic offering over 1,300 premium brands across 195 territories, and Cult Beauty and Dermstore serving as premium destinations in the UK and US respectively, the Beauty division has real brand equity and loyal customers. The subscription and loyalty model, with nearly 3 million active members, creates recurring revenue that’s genuinely valuable.
THG Nutrition, meanwhile, is anchored by Myprotein — a brand so dominant in online sports nutrition that it’s hard to overstate its position. The offline expansion strategy is also beginning to bear fruit, reducing the company’s dependence on digital-only channels and opening up new revenue streams through licensing and retail partnerships.
Together, these two divisions give THG a diversified, defensible position in high-growth consumer categories that aren’t going anywhere.
How Does THG’s Valuation Stack Up?
One of the most interesting angles on the THG share price cha is the company’s current valuation relative to its fundamentals. With a price-to-sales ratio of approximately 0.33 and a price-to-book ratio of around 0.63, THG trades at a meaningful discount to many of its e-commerce peers.
In plain English: you’re paying less than 33 pence for every pound of revenue the company generates. For a business with £1.7+ billion in annual sales, that’s a pretty compelling starting point — provided you believe management can continue improving margins and moving toward consistent profitability.
Cash flow per share stands at approximately 18 GBX, giving a price-to-cash-flow ratio of roughly 2.4x. That’s a cheap multiple by almost any standard, which goes some way toward explaining why analysts’ consensus leans toward “Buy” despite the ongoing net losses.
The Broader Market Context for THG
It’s always worth stepping back and looking at the bigger picture when analysing any THG share price cha. The FTSE 250, of which THG is a constituent, has faced its own headwinds in recent years — from rising interest rates to UK macroeconomic uncertainty and global trade tensions.
That said, consumer discretionary spending in beauty and wellness has proven remarkably resilient. People, it turns out, are still willing to spend on skincare and protein shakes even in tough economic conditions. That resilience has helped cushion THG’s revenue base even as margins remain under pressure.
The global e-commerce market continues to grow, particularly in Asia and the Middle East — two regions where both THG Beauty and THG Nutrition have been actively expanding. If the company can successfully capture market share in these higher-growth geographies, the medium-term outlook could improve materially.
Conclusion
So, where does all of this leave investors? The THG share price cha tells a story of enormous early ambition, a painful reality check, and a genuine — if still incomplete — turnaround. The company is smaller than it once was, more focused, and arguably better governed. The share price, at around 33p in mid-2026, sits well below the IPO price of 500p, but it’s also roughly 40% above the 52-week lows touched in late 2024.
For value-oriented, risk-tolerant investors, there’s a real case to be made. The analyst consensus is constructive, the valuation is cheap, and the operational improvements are real and measurable. But this isn’t a stock for the faint-hearted — the high beta, the lack of dividend, and the ongoing losses mean that volatility is very much part of the package.
Whether you’re looking to add THG to a diversified portfolio or simply trying to understand what all the fuss is about, tracking the THG share price cha remains one of the more fascinating exercises in the UK equity market. With the Ingenuity demerger now complete and management squarely focused on its two core consumer businesses, the next chapter of this story is just beginning — and it might well be the most interesting one yet.
FAQs
What is THG PLC and what does the company do?
THG PLC, formerly known as The Hut Group, is a global e-commerce company listed on the London Stock Exchange. It operates through two main divisions: THG Beauty (which runs platforms like Lookfantastic and Cult Beauty) and THG Nutrition (led by the Myprotein brand). The company was founded in Manchester in 2004 and now sells its products across more than 140 countries worldwide.
Why did the THG share price crash so dramatically in 2021?
The THG share price collapsed by over 80% in late 2021 due to a combination of factors. These included serious corporate governance concerns from institutional investors, a dual-class share structure that critics felt gave the founder too much control, a rejected takeover bid, and broader market scepticism about the company’s complex business model. Investor confidence simply fell apart almost overnight.
What is the current THG share price target from analysts?
As of mid-2026, analysts hold a consensus price target of approximately 44–55 GBX (pence) for THG shares. Individual targets range from a low of around 26p to a high of 84p. The majority of analyst coverage carries a “Buy” or “Hold” recommendation, with many citing the improved governance structure and operational progress as key positives.
Does THG pay a dividend to shareholders?
No, THG does not currently pay a dividend. The company is still working toward consistent profitability, and all capital at this stage is focused on business development, debt management, and driving revenue growth in its Beauty and Nutrition divisions. Investors seeking income will need to look elsewhere.
Is THG a risky investment in 2026?
Yes, THG carries meaningful risk. It has a high beta of around 2.40, meaning it is significantly more volatile than the average FTSE 250 stock. It is not yet consistently profitable, carries substantial debt, and operates in fiercely competitive consumer markets. However, its cheap valuation, strong brand portfolio, and improving fundamentals also make it an interesting speculative opportunity for risk-tolerant investors with a medium-to-long-term horizon. Always do your own research and consult a financial adviser before investing.
