New chairman at InnovaDerma as Haris Chaudhry resigns
today Nov 8, 2019
Cosmetics manufacturer InnovaDerma has a new executive chairman. Joe Bayer will take over from Haris Chaudhry, who has resigned from his position and will leave the company with immediate effect.
InnovaDerma, which is behind beauty brands including Skinny Tan and men’s skincare specialist Charles + Lee, said Chaudhry is departing for personal reasons and to pursue other interests.
Joe Bayer, finance director, has been promoted to executive chairman with immediate effect. He first joined the company as a non-executive director in 2014, and become finance director a year later.
He will continue to oversee the finance function of the business as the company undertakes a review of the finance director role. A suitable candidate is expected to be announced in due course.
Commenting on Chaudhry’s departure, Bayer said: “It is his entrepreneurial spirit which founded the business and he took InnovaDerma from a pre-revenue to a multi-brand business. He leaves behind a company in the best shape it has ever been and at the forefront of several product categories. We wish him all the best for the future.”
Indeed, London-based InnovaDerma was founded by Haris Chaudhry in 2013 and expanded by acquiring under-performing brands and rejuvenating them into leading specialists with global distribution.
In the first four months of the current financial year, the company saw revenues grow 38% compared with the same period last year, underpinned by strong performances across its beauty brands in retail stores and through direct-to-consumer channels.
Next year, the company will launch a new skincare-related category with Superdrug across all 800 of its stores. The new product is expected to hit stores in the second half of 2020.
Founder and executive chairman Haris Chaudhry, commented: “I am very proud of everything the team at InnovaDerma has achieved. Since I started the company in 2013, the business has gone from strength to strength achieving profitable growth year after year. The business is maturing and I believe that the time is now right for me to pursue more entrepreneurial opportunities.”
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