Innovaderma to enter into new categories, launch in new countries
Innovaderma, the company behind makeup label Stevie K and Skinny Tan, has announced plans to launch its brands in new territories and branch out into new categories after seeing a 21% increase in revenue in 2019.
The UK developer of beauty and personal care products revealed this week that revenues jumped to £13 million in the year ended 30 June 2019 from £10.7 million a year earlier, while pre-tax profit is expected to more than double from £0.67 million.
Its makeup line Stevie K, acquired in 2017 alongside male grooming brand Charles + Lee, is an Australian brand of mid-priced colour products for “irreverent” millennials and Gen Z shoppers.
The UK-headquartered public company also has the Skinny Tan line of products in its portfolio, including tanning mousses, oils, primers and moisturisers, as well as haircare brands Leimo and Roots.
It said all brands performed well during the period, delivering both revenue and profit growth. Skinny Tan was a star performer, driven by the launch of new products such as "Wonder Serum" and "Protect and Glow". The brand is now available in 2,300 retail stores, including Boots, Superdrug and Asda.
“The group has made excellent progress during the year, delivered a strong financial and operational performance, which demonstrates our scalable business model and resilience in a challenging retail market,” Haris Chaudhry, executive chairman of InnovaDerma, said.
“Going forward, we will be focused on product innovation, launching our brands in new territories and entering into new categories with new product launches; the combination of which we believe will further accelerate growth during the new FY. The board is very excited for the future and the opportunities which lie ahead.”
The manufacturer of beauty and personal care products has a presence in Europe, US, Australasia, Asia and Africa.
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