Innovaderma unveils haircare product range, enters UK skincare market

Shares in Innovaderma are up more than 6% after it announced the upcoming launch of a new haircare product range and its entry into the UK skincare market.

The company had developed a five-product topical haircare range for men and women to aid hair regrowth and hair thickening, comprising shampoos and conditioners.

It would be available in Superdrug's top 400 stores throughout the UK from August 2017.

Innovaderma expected to launch the new haircare range on its UK Direct to Consumer (DTC) channel at the same time, and elsewhere in Europe later in the year.

"This new haircare range will be launched separately from Leimo which is only distributed in Australasia," the company said.

InnovaDerma also said it had developed a new range of Skincare products under the brand name "Body Glow", as a brand extension of Skinny Tan, which has launched with the release of an everyday body moisturizer.

Body Glow is stocked in the skincare section in more than 500 Superdrug stores and was performing ahead of management's expectations.

"This latest InnovaDerma brand was developed to leverage the growing popularity of Skinny Tan which is stocked in the bronzing section of Superdrug."

Innovaderma said it expected to launch other skincare products under the Body Glow brand throughout 2017 and beyond to make further inroads into the skincare category.

At 13:27 BST, shares in Innovaderma were up 12.53% to 256p each.