InnovaDerma completes purchase of Aussie skincare brands
UK developer of 'at-home' and clinically proven treatments for hair loss, hair care, self-tanning and skin rejuvenation InnovaDerma announced on Wednesday that it has completed the acquisitions of the intellectual property and assets of the 'Stevie K' and 'Charles + Lee' brands from Stevie K Cosmetics and Charles + Lee, announced on 27 February 2016.
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The London-listed firm said Stevie K is an Australian made line of cosmetics and Charles + Lee is a range of men's skincare products.
Kate Fissenden, the founder of the Stevie K and Charles + Lee brands, has been appointed a general manager in the group, responsible for the growth and development of both brands.
The minimum term of Kate's employment contract with the group is three years, InnovaDerma confirmed.
It said the purchase price for the acquisitions was AUD $50,000, and no debt or liabilities were assumed by the company.
“The vendors now have the option to convert the purchase price into ordinary shares of InnovaDerma within 14 days,” InnovaDerma’s board explained in a statement.
“If the vendors exercise the option, it will be satisfied by the issuance of approximately 39,700 ordinary shares in InnovaDerma.”