The proprietor of CurrentBody, a model of magnificence expertise utilized by celebrities equivalent to Kim Kardashian and Serena Williams, has picked a director of On The Seashore and The Fitness center Group to spearhead an autumn flotation in London.
Sky Information has learnt that Elaine O’Donnell, a former EY companion and chartered accountant, has been appointed non-executive chair of The Magnificence Tech Group.
Ms O’Donnell’s appointment comes because the Manchester-based firm – which contains the CurrentBody, ZIIP Magnificence and Tria Laser manufacturers – steps up preparations for a inventory market itemizing which may worth it at about £350m.
Beforehand chair of Video games Workshop, Ms O’Donnell is anticipated to supervise the appointment of different non-executive administrators forward of an preliminary public providing (IPO).
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The timing of an try and go public shall be dependent upon market situations, in response to individuals near the corporate.
Sky Information revealed earlier this yr that The Magnificence Tech Group had employed bankers at Berenberg to work on the plans.
Run by co-founder and chief govt Laurence Newman, The Magnificence Tech Group intends to listing on the principle London market.
The corporate is owned by its administration staff – led by Mr Newman but additionally together with co-founder and chief expertise officer Andrew Showman and finance chief Sam Glynn – and a gaggle of high-net-worth people.
It describes itself as a worldwide trade chief in home-use magnificence expertise, and is targeted on merchandise which use LED, radio frequency, microcurrent and laser remedies.
A profitable inventory market debut would symbolize a constructive improvement for the London Inventory Trade throughout a interval when looking out questions are being posed about its attractiveness as an inventory vacation spot.
A number of firms have introduced plans to shift their major listings throughout the Atlantic, the newest of which was funds firm Sensible.
The Magnificence Tech Group noticed a considerable enhance in income final yr, with gross sales passing the £100m mark for the primary time, up from £80m in 2023.
Its revenues comprise just below 1 / 4 from the UK and 77% internationally.
For the reason that starting of this yr, it has been completely targeted on own-brand gross sales.
The sweetness expertise market is projected to develop from £2.7bn in international gross sales in 2023 at a compound annual development price of as much as 17% till 2026, in response to a report by the skilled providers agency PricewaterhouseCoopers.
In an announcement issued to Sky Information earlier this yr, Mr Newman stated: “2024 was one other vital yr financially and strategically for the Group.
“We delivered income of over £100m and efficiently acquired Tria Laser whereas additionally finishing the mixing of ZIIP Magnificence.
“These acquisitions have diversified and elevated the Group’s product providing throughout the quickly rising magnificence tech market and, consistent with our strategic ambitions, the Group is now targeted completely on own-brand merchandise.
“I’m happy that the Group’s robust efficiency by means of 2024 has continued into January and I’m assured that 2025 shall be one other file yr.
“As rising worldwide demand and the Group’s operational infrastructure present foundations for the following stage of its international development, the Group is contemplating its strategic choices, which features a London IPO later this yr.”
The Magnificence Tech Group counts Harrods amongst its retail companions, whereas its merchandise are additionally bought on greater than 20 direct-to-consumer web sites world wide.
It just lately partnered with Manchester College’s dermatology division to analysis alternatives for superior magnificence applied sciences related to areas of shopper demand, equivalent to hair regrowth and anti-ageing.
The corporate declined to touch upon Ms O’Donnell’s appointment.
