Wellness and Beauty Solutions Limited (ASX:WNB), previously Total Face Group Limited, has relaunched its business and resumed trading on the Australian Securities Exchange in October 2018.
The company has been given a fresh look following the acquisition of The Giving Brands Company and the appointment of Christine Parkes as Chief Executive Officer and Managing Director.
Parkes moves to WNB from The Giving Brands Company, where she was founder and CEO.
She will work alongside a refreshed Board that includes financial services expert Angelos Giannakopoulos as Non-Executive Chairman, and renowned Sydney-based cosmetic surgeon Dr Naveen Somia as Non-Executive Director.
Following the acquisition, WNB has undergone significant restructuring to reposition the company, consolidate the two businesses, and achieve its potential in the Australian beauty and wellness industry.
The network of clinics has been re-launched as “Immersion Clinical Spas”, and the company says these spas will offer additional services at more affordable prices, including tanning, body shaping and remedial therapies.
Spa tanning services will be offered in collaboration with Jbronze, the leading Australian tanning range that is also owned by WNB. As an additional revenue stream, the tanning products will also be available for consumers to purchase for use at home.
Newly appointed CEO, Christine Parkes, explained how the clinical spas will be transformed, and The Giving Brands Company will be integrated into WNB.
“All ten of our clinics will adopt an overarching wellness approach with the new services on offer,” she said.
“We will also have a retail brands arm that creates and distributes an assortment of beauty and lifestyle product ranges in collaboration with world-renowned magazines, such as ELLE”.
WNB is also creating its own collection of skincare products to support its clinical offering. This will enable the company to increase profit margins and capitalise on growing demand in the sector.
Discussions are well underway to establish partnerships with leading magazine brands to launch new skincare collections and diversify the revenue base into mainstream retail doors.
To support its strategy and drive sales, WNB is in discussions with brand ambassadors, who will stimulate product engagement and drive traffic to the brands. This will create a platform of growth for new and repeat clientele.
The company raised $7million in a placement and a further $1.4million via a non-renounceable settlement offer, which funded the The Giving Brands Company acquisition and capital to drive forward WNB’s growth initiatives this year.
This content is produced by Star Investing in commercial partnership with Wellness and Beauty Solutions. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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