(“InnovaDerma”, the “Company” or the “Group”)
New e-tailer distribution deal and Directorate Change
InnovaDerma (LSE: IDP), a UK developer of life sciences, beauty and personal care products provides the following update.
New e-tailer distribution deal
The Company is pleased to announce it has secured a distribution deal with ASOS plc for Skinny Tan.
ASOS plc (“ASOS”), is one of the largest global online fashion and beauty store attracting hundreds of millions of visitors in the UK and internationally on its website. Skinny Tan will be available through ASOS’s website from June and will be marketed and distributed globally by ASOS.
The Company continues to open up new markets worldwide especially in continental Europe for its fast-growing Skinny Tan brand through securing e-tailers which offer European and worldwide delivery.
Trading continues to be very robust and revenue growth has continued on its positive momentum with April acheiving the highest-ever monthly revenue.
Separately, the Company is pleased to announce it is a finalist for the IPO of the Year award at the Small Cap Awards to be held on 22 June 2017.
Clifford Giles, Non-Executive Director, has resigned from the Board of Directors for personal reasons.
The Company has begun the search process for an Independent UK-based Non-Executive Director and will make an announcement when appropriate.
Haris Chaudhry, Executive Chairman of InnovaDerma said:
“We are exceptionally pleased to have secured ASOS and this, together with delivering record revenues for three of the four past months is a testament to the growing popularity of Skinny Tan. We are significantly-expanding our direct client base in multiple markets and the exceptional success in Superdrug is making Skinny Tan one of the UK’s most popular self-tanner. The business is making excellent progress and the Board is confident of the future.
The energy and enthusiasm of our team is the driving force behind the business and I want to sincerely thank Clifford for his significant contribution to the development of the Group and in steering the Company through its IPO last year. We are grateful for all he has done and wish him well for the future as he embarks on his exciting new ventures.”
Clifford Giles, said:
“I am proud of InnovaDerma and what the team have achieved together in just a few short years. The business has grown exponentially from humble beginnings to having a stable of premium and highly differentiated brands with international appeal through the management’s ability to successfully execute its strategy. The Group is in a very strong position with a clear and well-defined growth strategy with a well-diversified product portfolio and I look forward to watching it grow and prosper in the years ahead.”