Australian beauty product manufacturer Wellness and Beauty Solutions (ASX: WNB) has secured a partnership with Sisterhood Beauty for mass distribution of their TANNED product range across 600 retail outlets in New Zealand.
Launched in June 2019, the TANNED product line is a safe sunless tanning product which is currently available in Australia via Sportsgirl retail outlets, as well as online.
The partnership with Sisterhood adds to an existing agreement in place where the New Zealand beauty company already distribute Wellness and Beauty Solutions’ Jbronze range across their network of spas, hairdressers, pharmacies and department stores.
“We have a longstanding relationship with Sisterhood based on their substantial expertise and retail sector experience in New Zealand. This contract is an important next step in expanding our retail footprint into New Zealand,” said Wellness and Beauty Solutions Managing Director, Christine Parkes.
This focus on increasing their retail distribution network will be a welcome sight for shareholders still holding the stock which listed on the ASX in February 2016 at an issue price of $0.40 per share before sliding down to an all time low of $0.01 in August 2019.
Whilst the Company has not met its financial expectations, a presentation to prospective shareholders last month identified a 4-year plan for the Company to reach $100m in revenue, targeting $5m NPAT by 2024.
In the Quarter ending September 2019, the Company reported a net loss of $1.94m with $348,000 in cash in the bank before successfully raising $6m from an institutional capital raise at 1c per share.