The Hut Group has acquired Cult Beauty from private shareholders including Net-a-Porter co-founder Mark Quinn-Newall and co-chief executive Alexia Inge for £275m on a cash and debt-free basis.

The etail and technology group, which floated last year, said that Cult Beauty’s selection of more than 300 luxury brands including Charlotte Tilbury and Drunk Elephant, two thirds of which are not currently listed on existing THG sites, represented “an opportunity to broaden consumer choice globally”.