You beauty! Currentbody reveals £10m growth plan
CURRENTBODY, the online retail specialist for home-use beauty devices, is set to enter new international markets and grow its team after reaching £10m in funding.
The business, which sells a range of beauty products including antiageing and acne treatment devices, facial cleansers, and hair removal devices, has been backed by BGF and NVM Private Equity.
The investment announcement comes as the company completed its strongest year to date, going live with its eleventh international site and launching on Tmall in China.
CurrentBody’s brand partnerships include market-leading brands such as Tripollar, NuFACE and Smoothskin.
It has also recently been named as a global strategic partner for L’Oreal’s Clarisonic range, its best-selling skin cleansing solution using sonic technology. Following five years of rapid growth, with revenues doubling year-on-year, the business has now secured total growth capital funding of £10m.
CurrentBody has built 11 ownlanguage websites globally, including Germany, France, Spain and most recently, Australia and America. It also launched its first London store in House of Fraser, Oxford Street, and signed a joint venture in China with Thakral, one of the biggest distributors in Asia.
Co-founded by Laurence Newman and Andrew Showman, the pair found a niche in providing professional beauty products at home.
The investment from BGF and NVM will be used to grow CurrentBody’s team and operations, enter further territories globally and secure new partnerships and stock opportunities across the world.
Mr Newman, CEO of CurrentBody, said: “These are exciting times for CurrentBody as we enter this next stage of our growth. We’ve rapidly built our business to supply the largest selection of safe, clinically-proven electrical health and beauty products in the world. From a complete start-up, we are now strategic partners with many top brands, testament to the hard work and ambition of a fantastic team.”