InnovaDerma acquires Stevie K and Charles + Lee brands

UK-based skincare firm InnovaDerma has completed an acquisition of the intellectual property and assets of Stevie K and Charles + Lee brands from Stevie K Cosmetics and Charles+ Lee.

Based in Australia, Stevie K is a line of cosmetics and Charles + Lee is a range of men's skincare products. These brands have the option to convert the purchase price into ordinary shares of InnovaDerma within 14 days. If the vendors exercise their option, this will be satisfied by the issuance of around 39,700 ordinary shares in the firm.

Founder of the acquired brands, Kate Fissenden has been appointed as general manager. She will be responsible for the growth and development of both brands.

This acquisition will enable InnovaDerma to debut into the make-up and men's skincare markets. The current geographic footprint of these brands will complement established presence of the firm in Australia, the UK, and the US.

It is anticipated that the distribution network of InnovaDerma in nine countries and its direct-to-consumer platform will faciliate growth opportunities for the acquired brands.

Founded in 2016, Stevie K retails its range of cruelty-free cosmetics online in Australia, the UK, and New Zealand.

Charles + Lee's men's skincare products, with natural and organic ingredients, are sold on its website and at Urban Outfitters in Australia, New Zealand, the US and Canada.