Hot off a $7 billion IPO and the acquisition of the Perricone MD brand for $60 million in September, The Hut Group is buying Dermstore from Target Corp in a $350 million cash deal. WHO: Dermstore was founded in 1999 by board-certified dermatologist Craig A. Kraffert with the aim of making professional-grade skincare accessible. The site offers curated content, and with a portfolio of prestige and professional skincare products as well as cosmetics and haircare, it is considered a destination for professional skincare brands. In a 2013 transaction, Dermstore become a wholly owned subsidiary of Target, while operating as a separate entity. The Hut Group (THG) was founded in 2004 by Chief Executive Matthew Moulding and CFO John Gallemore, retails more than 8,000 brands, and operates more than 160 localized websites across 35 languages and 42 currencies. THG has become one of Europe's largest online retailers of premium beauty brands.