A sharp fall in THG's share price which saw around £240m wiped off its value was due to the "disappointing lack of a strategic update", according to an activist investment group.
Kelso Group said the Manchester-headquartered online retail and software giant should have mentioned its plans for the medium-term structure of the business or the move to the premium segment of the London Stock Exchange.
It added that THG's nutrition division should be divested as it has a "value significantly more than the current market capitalisation".
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The comments come after THG announced its half-year results which saw its revenue fall by £100m, losses widen and it confirm it had cut 500 jobs during the first six months of 2023.
Shares in THG fell by around 21% to just under 69p, reducing its market capitalisation from £1.137bn.
Kelso Group, which first invested in THG in January, also saw its shares fall by over 14% to 2.1p.
The group is chaired by former DLA partner Sir Nigel Knowles while other investors include Luke Johnson, Nigel Wray and Umar Kamani.
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It floated on the London Stock Exchange in January and has previously called on THG to consider separating out its Myprotein nutrition business.
In a statement issued to the London Stock Exchange, Kelso Group said: "We are generally pleased with the operational and financial performance of THG, however, the lack of strategic update is disappointing.
"There is no mention of plans for the medium-term structure of the business or regarding the move to the premium segment of the London Stock Exchange.
"These matters are important to shareholders; we think that today's material share price fall is due to the lack of clarity on these plans.
"Several comments were made in the Q&A meeting this morning around the potential future structure of the business which we believe would have been beneficial to be included in the interim results.
"It was pleasing to see full year expectations reiterated at c.£120m.
"For the period, EBITDA was slightly above market expectations at £50.1m, driven by a strong performance in THG Nutrition of c.£47m, an increase of 72% year on year.
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"In our view, THG Nutrition will continue to perform strongly in H2 and whilst performance in THG Beauty declined year on year, it is encouraging to note that it has returned to growth at the start of the second half.
"Kelso believes the true value of the group will only be realised when THG Nutrition is divested, albeit supported by Ingenuity, whether majority owned by THG or not.
"We have said before that we believe THG Nutrition has a value significantly more than the current market capitalisation, and plays strongly into the global trend for large snack companies to diversify into healthier products.
"Given the significant recovery in THG Nutrition this year, we believe that now is the time to be exploring the strategic options around this business.
"Shareholders would appreciate an update regarding the potential move to the premium segment.
"Most 海角视频 active fund managers and index funds are benchmarked or indexed against the premium segment and so do not consider shares listed on the standard list, as THG currently is.
"Moving to the premium segment would force these funds to consider THG.
"As a result, we believe that THG should embrace the 海角视频 stock market and move as quickly as possible to the premium segment, regardless of future potential changes that may be brought by the 海角视频 Listing Authority."