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InnovaDerma targets US as spray tan turns figures black

Skinny Tan will be stocked by NYSE-listed GNC in 655 of its 6,000 stores nationwide.

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No need fo rthis with Skinny Tan

Spray tan firm InnovaDerma (LON:IDP) was glowing again as it confirmed a move into the US and a swing into profit over the past twelve months.

Skinny Tan, a lotion to ‘colour skin and reduce the visual appearance of cellulite’, will be stocked by NYSE-listed GNC in 655 of its 6,000 stores nationwide.

Online US retailers Quidsi, a part of Amazon, and Jet.com, a subsidiary of Wal-Mart, will both also stock the product.

Joseph Panetta previously with Left of Center and Swatch has also been appointed to head up the US business.

Overseas expansion paid off last year, as sales into the UK through Superdrug and Korea via leading largest beauty store chain Olive Young saw Skinny Tan revenues rocket.

Revenues in the year to June rose to A$8.4mln (A$1.05mln) while Innovaderma posted a profit of A$0.47mln (loss of A$ 0.7mln).

Haris Chaudhry, executive chairman, said trading had continued to be strong since the end of the year with further brand extensions to be announced shortly.

“New product development remains a key focus for us and we will be rolling out brand extensions, together with new products, for international markets this year and next. 

"We are trading profitably and the Board looks to the future with confidence and optimism."

 

Quick facts: InnovaDerma PLC

Price: 79.1 GBX

LSE:IDP
Market: LSE
Market Cap: £11.47 m
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Full interview: InnovaDerma’s first half revenues advance 28%

Beauty product innovator InnovaDerma (LON:IDP) saw its revenues for the half ended December 31 last year advance 28% year-on-year, led by the performance of its Skinny Tan beauty range. Executive Chairman Joe Bayer spoke to Proactive London and explained why figures were up and also gave...

on 13/1/20

2 min read