Target Corp. is selling its online beauty and skin care company Dermstore to United Kingdom e-commerce company THG Holdings for $350 million.

THG, which also is known as the Hut Group, said Tuesday that the acquisition will help the company as is pursues its goal to be a global leader in online beauty distribution. The company said in a news release the Dermstore will help it enhance its relationships with key beauty brands, increase the scale of its beauty box business and accelerate growth of its own brands via a large U.S. base of customers.

"A key driver behind the decision to list THG on the London Stock Exchange just over three months ago was to enable the group to make major global investments, such as," said Matthew Moulding, chief executive of THG, in a statement. "Accessing capital through a London listing has enabled us to accelerate our growth plans and build out a global leadership position within the exciting beauty industry."

THG also announced it bought U.K.-based nutrition product suppliers Claremont Ingredients Ltd. and David Berryman Ltd.

Target has owned Dermstore since 2013, when the Minneapolis-based retailer was looking to expand its presence in the high-end beauty industry. offers hundreds of professional-grade skin care, hair and makeup products.

"For seven years, Dermstore achieved growth milestones as a premium e-commerce beauty retailer operating as a wholly owned subsidiary of Target," Target said in a statement Tuesday. "The pending sale of Dermstore to THG Holdings aligns it with an organization that shares long-term strategic goals and priorities for growth. Target is focused on continuing to grow and gain market share with its curated beauty assortment to serve our guest needs."

Over the past few years, Target has continued to grow its beauty business. Last month, it announced it would partner with Ulta Beauty to open Ulta shops in the beauty sections of more than 100 Target locations in the second half of next year before expanding to hundreds of other stores.