Whey price increases leave THG all shook up

By the Editorial Team · Friday, September 11, 2026

THG’s shares dropped to record lows below 27 pence following half-year results that revealed rising raw material costs and the loss of EU import duty exemptions hurt sales. This significant stock decline reflects ongoing investor concern about inflationary pressures and regulatory impacts on the company’s profitability and valuation.

Shares of THG, the UK-based e-commerce company specializing in protein shakes and beauty products, plummeted to record lows on Thursday amid concerns over rising input costs and regulatory changes in the European Union. The company's stock, listed in the FTSE 250, briefly dipped below 27 pence per share, falling sharply from its initial public offering price of 500 pence in 2020.

The steep decline followed the release of THG’s half-year financial results, which highlighted increased demand for whey protein driven by GLP-1 obesity medication users as a key factor pushing up raw material prices. Additionally, the removal of EU import duty exemptions on low-value parcels negatively affected sales, further dampening investor confidence. THG’s chief executive officer, Matt Moulding, however, expressed optimism about the company’s prospects, stating that THG had entered the second half of the year with “real momentum.”

The stock closed down 12.7 percent, losing approximately 4 pence to settle near 27.5 pence per share, valuing the business at around £450 million—significantly lower than its £5.4 billion valuation at the time of its 2020 flotation. THG operates notable online retail brands Lookfantastic and Cult Beauty from its base in Manchester.

The decline in THG’s shares occurred during a broader period of market volatility. In London, the FTSE 100 index fell for the fifth consecutive trading session, slipping 61.14 points, or 0.6 percent, to close at 10,608.92—the lowest finish since mid-July. The FTSE 250 index followed suit, losing 222.72 points, or 0.9 percent, to 23,885.94.

Meanwhile, defensive sectors gained some traction as investors sought shelter from inflationary pressures intensified by escalating geopolitical tensions. Imperial Brands led FTSE 100 advancers with a 1.8 percent rise to £24.88, while British American Tobacco climbed 1.5 percent to £40.92.

On Wall Street, major indices extended losses amid rising oil prices and mounting concerns about inflation and economic slowdown. The Dow Jones Industrial Average declined 0.6 percent to 52,064.10, the Nasdaq Composite dropped 0.65 percent to 26,081.72, and the S&P 500 fell 0.58 percent. Increasing military activity between the United States and Iran contributed to Brent crude oil surging over 6 percent, surpassing $107 per barrel for the first time since May, exacerbating worries about global energy supply disruptions.

Commodities markets reflected these concerns as well, with industrial metals, particularly copper, experiencing sharp declines. Major mining companies listed in London were hit hard, with Antofagasta falling 5.7 percent to £37.71, Anglo American down 4.9 percent to £39.72, and Glencore retreating 4.1 percent to 599.25 pence.

Overall, investor sentiment remained cautious amid persistent inflationary challenges, geopolitical risks, and tightening monetary policy expectations.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.