The proprietor of CurrentBody, a model of magnificence know-how utilized by celebrities comparable 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 associate 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 might worth it at about £350m.
Beforehand chair of Video games Workshop, Ms O’Donnell is predicted 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 will probably be dependent upon market circumstances, based on 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 primary London market.
The corporate is owned by its administration staff – led by Mr Newman but additionally together with co-founder and chief know-how officer Andrew Showman and finance chief Sam Glynn – and a gaggle of high-net-worth people.
It describes itself as a world trade chief in home-use magnificence know-how, and is targeted on merchandise which use LED, radio frequency, microcurrent and laser therapies.
A profitable inventory market debut would characterize a constructive growth for the London Inventory Trade throughout a interval when looking out questions are being posed about its attractiveness as a list vacation spot.
A number of corporations have introduced plans to shift their main listings throughout the Atlantic, the newest of which was funds firm Clever.
The Magnificence Tech Group noticed a considerable improve in income final yr, with gross sales passing the £100m mark for the primary time, up from £80m in 2023.
Its revenues comprise slightly below 1 / 4 from the UK and 77% internationally.
Because the starting of this yr, it has been solely targeted on own-brand gross sales.
The sweetness know-how market is projected to develop from £2.7bn in world gross sales in 2023 at a compound annual development fee of as much as 17% till 2026, based on a report by the skilled providers agency PricewaterhouseCoopers.
In an announcement issued to Sky Information earlier this yr, Mr Newman mentioned: “2024 was one other important yr financially and strategically for the Group.
“We delivered income of over £100m and efficiently acquired Tria Laser whereas additionally finishing the combination 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 solely on own-brand merchandise.
“I’m happy that the Group’s sturdy efficiency via 2024 has continued into January and I’m assured that 2025 will probably be one other document yr.
“As rising worldwide demand and the Group’s operational infrastructure present foundations for the following stage of its world 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 offered on greater than 20 direct-to-consumer web sites all over the world.
It lately partnered with Manchester College’s dermatology division to analysis alternatives for superior magnificence applied sciences related to areas of client demand, comparable to hair regrowth and anti-ageing.
The corporate declined to touch upon Ms O’Donnell’s appointment.
