In a background of rising economic and political challenges stemming from Brexit and UK’s general elections, British online retailer The Hut Group (THG) disclosed it has raised $1.10 billion (1 billion euros). It went on to add, it will channel the funds for further expansion.

The new capital comprises a 600 million euro term loan, a five-year $192.45 million (150 million pound) credit facility and a 200 million pound package provided to a new THG subsidiary, said the company in a statement.

Its statement also mentions that it has raised nearly 66 million pounds of primary equity from BlackRock Inc and from Sofina SA, a Belgium-based investment company. It will use these funds to expand its e-commerce platform Ingenuity as well as expand its beauty and wellness brands.

Furthermore, it also stated, the newly acquired funds will be used for developments of content studios and offices at Manchester Airport.