Ocado sells its Fabled beauty business to Next as part of £8m deal as it looks to focus on its M&S tie-up
Ocado has sold a beauty business to Next
Ocado has sold a beauty business to Next as it looks to focus on its tie-up with Marks & Spencer.
Fabled by Marie Claire, a make-up store and website, has been acquired in a deal worth £8 million to Ocado.
Next paid a small fee and will pay at least £3 million more in a deal guaranteeing Ocado a cut of sales up to 2024. Fabled was founded in 2016 by women’s magazine Marie Claire.
Tim Steiner, chief executive of Ocado, said its strategy shifted after a deal to provide M&S with an online delivery service.
M&S is to pay £750 million to Ocado for half its retail business, money Ocado will use to expand its tech division.