Buoyant InnovaDerma posts double-digit revenue growth
InnovaDerma, a UK developer of beauty and personal care products, has announced strong results for the first half of the year ended 31 December, boosted by a strong performance of its own online store and new product launches.
The company’s core brand is Skinny Tan, a popular line of self-tanning products, but InnovaDerma also owns men’s skincare brand Charles + Lee, haircare brand Roots and two life sciences products.
In the first half of the year, revenues jumped by 28% to £5 million from £3.9 million in the prior-year period. This increase was driven predominantly by Skinny Tan and its performance on the company’s own online store and in the UK retail market.
InnovaDerma also launched a limited-edition Choc range in Superdrug, which the company said resulted in “exceptional demand”. Wonder Serum, available in Boots, provided a further boost.
Despite having contracts with some of the UK’s largest beauty retailers, it was InnovaDerma’s own direct-to-consumer channel that delivered most revenues. In the period under review, it generated 56% of revenues. Black Friday and Christmas promotions helped lift sales and traffic, InnovaDerma said.
The portfolio of brands had also a number of achievements, from Skinny Tan rolling out into Boots and launching at Tesco to Roots adding new products. Charles + Lee continued to build momentum with Australian retailers and almost doubled revenues compared to last year.
Skincare from Charles + Lee is expected to expand its geographical spread in the second half of the year and beyond, and Roots will receive extra marketing and product development focus to expand its customer base.
“The momentum of the first half coupled with our forthcoming new category launch give us much confidence for the full year. The balance sheet remains healthy and with an increased retail footprint coupled with continued focus on our DTC channels in core regions, the company expects to generate strong revenue and profit growth in the second half of the year,” InnovaDerma said.
Copyright © 2021 FashionNetwork.com All rights reserved.