THG has dropped out of the FTSE 250, three months after the Lookfantastic owner joined the UK stock market index.
As part of global index provider FTSE Russell’s quarterly rebalance, THG – along with three other businesses – have been deleted from the list based on stock value as of 4 June 2025.
The FTSE 250 represents a list of the top 150 companies listed on the London Stock Exchange (LSE) after the FTSE 100, which are all ranked on market capitalisation.
There have been no changes to the FTSE 100.
“The rules-driven, impartial quarterly reviews ensure the indexes continue to portray an accurate reflection of the market they represent and form an essential component to the management of the indexes,” FTSE Russell stated.
THG joined the FTSE 250 in March 2025 and was put forward as part of FTSE Russell’s quarterly reviews.
THG founder and CEO Matthew Moulding said at the time that the promotion to the FTSE 250 marked an “important moment in THG's evolution” following the demerger of THG Ingenuity.
A promotion to the FTSE 250 can provide a boost to companies as investment funds which track the index automatically buy the stock, while relegation leads to a sale.
The Manchester-based company’s digital logistics branch is now a standalone entity, the separation of which was backed by Moulding through a £10m investment.
The drop out of the FTSE 250 comes amid a rocky period of trading, with shares in the company declining by more than 45% over the past year.
The owner of Cult Beauty reported a downturn in full-year 2024, as total revenues fell to £1.94bn, down from £2.04bn in 2023, impacted by the demerger of Ingenuity.
Operating losses were also reported at £147.9m.
THG slashed 160 jobs across its marketing, sales and warehouse teams at the start of 2024 as part of this “operational efficiency” review.
A further 170 roles were cut in July of that year as well, as part of the group’s aim to improve profitability.
Despite the challenges, Moulding hailed 2024 as a transformational year in a Linkedin post made in May 2025 and remains optimistic about its performance going forward.
Cosmetics Business contacted THG, which declined to comment.