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InnovaDerma acquires Stevie K and Charles + Lee brands

By BFN News | 08:05 AM | Monday 27 February, 2017


InnovaDerma, a UK developer of 'at-home' and clinically proven treatments for hair loss, hair care, self-tanning and skin rejuvenation, has acquired the intellectual property and assets of the 'Stevie K' and 'Charles + Lee' brands from Stevie K Cosmetics Pty Ltd and Charles + Lee Pty Ltd. Stevie K is an Australian made line of cosmetics and Charles + Lee is a range of men's skincare. InnovaDerma said that in line with its acquisition model, Kate Fissenden, the founder of Stevie K and Charles + Lee brands, will be incentivised as a general manager in the Group, responsible for the growth and development of both brands. She has more than 10 years' experience with some of Australia's leading beauty brands and has expertise in product development and brand management. To support the success of the brands, the minimum term of her employment contract with the group is three years. The purchase price for the acquisitions is A$50,000. The Vendors have the option to convert the purchase price into ordinary shares of InnovaDerma within 14 days of completion. If the Vendors exercise the Option, it will be satisfied by the issuance of approximately 39,700 ordinary shares in InnovaDerma. At 8:05am: (LON:IDP) Innovaderma Plc share price was +9p at 134p Story provided by StockMarketWire.com

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