Investors tracking the THG share price fall now have the numbers to measure its full scale: the stock trades at 31.6p, giving the company a market capitalisation of £524 million, against an opening valuation of £5.4 billion when THG listed on the London Stock Exchange in September 2020.
That is not a rounding error. It is a destruction of more than £4.8 billion in market value over roughly five years.
What the THG Share Price Fall Actually Looks Like in Numbers
The stock priced at 500p at its IPO, with the admission announced on 21 September 2020 following a pricing statement dated 16 September 2020. From that 500p opening to today’s 31.6p, the decline is approximately 94.8%, according to data from the London Stock Exchange’s own tearsheet for THG.
Over the same period, the FTSE 350 Index has risen 39.4%. That means THG has underperformed the index by 134.2 percentage points since listing. The compound annual growth rate (CAGR, the annualised rate at which an investment grows or shrinks each year) for THG over those five years works out at -44.9%.
To put that in concrete terms: £10,000 invested at the IPO price would now be worth roughly £520 at current levels, based on that 94.8% decline. The same £10,000 placed in a FTSE 350 tracker would have grown to around £13,940.
A Business That Still Has Moving Parts
THG operates two consumer-facing divisions. THG Beauty and THG Nutrition are the core businesses: Beauty runs platforms including Lookfantastic, Dermstore, and Cult Beauty, offering more than 1,300 premium brands across 195 territories, while Nutrition delivers protein powders, supplements, vitamins, bars, and drinks both directly to consumers and through offline retail partnerships worldwide.
The business is not dormant. Preliminary results for the financial year ended 31 December 2025 were released on 26 March 2026, with the full Annual Report and Accounts made available on 8 April 2026. The company has also been working through corporate governance changes: it previously abandoned a controversial founder special share and pursued a premium listing to rebuild investor confidence, as documented in its 2025 Annual Report.
None of that has been enough to reverse the THG share price fall, at least not yet.
Why the IPO Price Matters as a Reference Point
When a company lists at 500p and trades five years later at 31.6p, the gap between IPO hype and commercial reality has rarely been this wide on the London Stock Exchange’s main market. THG debuted as one of the largest UK technology-adjacent IPOs of 2020, at a moment when pandemic-era enthusiasm for online retail pushed valuations across the sector to heights that proved impossible to sustain.
Retail investors who bought at or near the float and held have not merely underperformed the market. They have lost the overwhelming majority of their capital. That is a different order of outcome from a cyclical drawdown (a peak-to-trough fall in an investment’s value) and it matters for how holders think about what recovery, if any, looks like from here.
A return to 500p from 31.6p would require a gain of just under 1,483%. A return to 100p, a level THG last visited years ago, would still require a near-217% rise from the current price. Both scenarios would demand a fundamental rerating of the business, not just a market recovery.
The next concrete reference point for investors is the 2026 Annual General Meeting, scheduled for 24 June 2026. Any update on strategy, capital allocation, or leadership at that meeting will be watched closely by anyone still holding the stock or considering whether the current price reflects genuine value or a further slide in progress.
