Investment Highlights

The Group operates in a global market opportunity which was valued at approximately £9 billion – £12 billion in 2024. The market has strong structural market growth driven by: (1) a growing consumer interest in skincare and technology, coupled with the beauty industry’s resilience to economic downturns; (2) rising awareness and education around AHBD, driven predominantly by social media, but with significant opportunity for further mainstream adoption; (3) AHBDs increasingly becoming a regular part of skincare routines; (4) social media and influencers spreading awareness, amplifying the visibility of AHBD brands; and (5) increasing regulation, providing consumers with greater comfort and confidence in adopting these devices.

The Group is built around three distinct premium, efficacious and trusted at-home beauty technology brands and develops innovative technologies within the beauty technology sector. The Group’s products are rigorously tested against the performance of the technologies in a clinical setting, reinforcing the Group’s commitment to quality and delivering advanced skin therapies. With a focus on growing awareness and education in the beauty technology sector, the Group is driving category growth and consumer understanding. This, in turn, has helped the Group to grow trust and authority with consumers.

The Group is a digitally native business with over 90% of its FY24 revenue derived from its robust e-commerce platform, which spans over 46 e-commerce platforms (of which 37 are in local languages). Through this model, the Group has scaled rapidly and efficiently, reaching and growing in international markets whilst maintaining control over its brands, product propositions and customers. The model has enabled the Group to become a truly international business, with 78% of its FY24 D2C sales from outside the UK and Ireland.

In addition to its sales capabilities, the Group’s e-commerce platforms provide insight on the Group’s marketing efficiency as well as helping drive product innovation for each of its three brands. By leveraging rich customer sales data and real-time analytics, the Group is able to gain deep insights into customer behaviours, preferences and emerging trends. This data-driven approach enhances the Group’s marketing precision, improves customer engagement and supports a continuous cycle of innovation and informs the Group’s new product development strategy.

Furthermore, as awareness of AHBD and beauty technology increases or where the technologies lend themselves to retailer channels, the Group has a tailored retail strategy for each of its brands.

The Directors believe that, as technology continues to reshape the beauty industry, the Group’s insight-led model and bespoke go-to-market strategy positions the Group for sustained future growth.

The Group is a leader in at-home beauty technology, built on a foundation of research and development, regulatory expertise and product innovation. The Group’s R&D function is based at the Group’s UK head office and is supported by specialist teams in the Group’s US and China offices.

The Group leverages its powerful e-commerce infrastructure with advanced customer data and marketing analytics to inform product development and drive growth. This insight-led approach enables informed product iteration across its three brands, consumer responsiveness and target market entry.

The Group’s product portfolio is underpinned by a growing number of patents and patent pending technologies, reflecting the Group’s commitment to innovation and IP protection. The Group maintains strong regulatory capabilities across jurisdictions which manage product regulation and approvals.

The Group benefits from a well-invested and de-risked international manufacturing network that underpins its ability to deliver high-quality beauty technology products at scale. With the commencement of manufacturing of the Group’s LED products in India in August 2025, the Group has two manufacturing facilities in different geographic locations for each of its CurrentBody Skin and ZIIP branded products. The Group also has a dual manufacturing strategy for its Tria branded products as the brand scales following its relaunch in Q1 2026. Accordingly the Group is strategically building resilience into its operations to help ensure continuity of supply and reduce dependency on any single site or geography. This dual-facility strategy aims to significantly de-risk production whilst enhancing operational flexibility and responsiveness to shifts in demand or global supply chain disruptions.

With a scalable operating model and well-invested infrastructure, the Group is well positioned to continue its profitable growth. Furthermore, the Directors believe that the Group’s operational infrastructure, which supports all of the Group’s brands, has the capacity to support the Group’s long-term growth ambitions.

The Group has consistently delivered strong, sustained growth resulting from a clear strategic focus on innovation, own-brand sales and operational discipline. Since the launch of its first own-brand product, the Group has continued to grow its own-brand revenue and profitability year-on-year. Between FY22 and FY24, the Group’s own-brand revenue and adjusted EBITDA grew at a CAGR of 73.6% and 92.9%, respectively. In FY22 the Group’s own-brand sales comprised approximately 47% of the Group’s sales and by H1 FY25, own-brand sales comprised 100% of sales. The business has also demonstrated robust cash conversion, driven by high margin own-brand products and effective working capital management with cash from operating activities (excluding interest) representing 85% of the Group’s FY24 adjusted EBITDA. This strong cash flow has supported investment in innovation, international infrastructure and expansion as well as the Group’s inorganic growth strategy with the acquisitions of ZIIP Beauty in 2022 which was funded by third-party debt and Tria Laser in 2024 which was funded out of the Group’s cash resources.

The Directors believe that the Group is uniquely positioned to deliver long-term sustainable growth through multiple levers. The Group operates in the rapidly expanding global beauty technology sector, which is driven by growing consumer demand for high-efficacy, safe and convenient at-home skincare solutions. The Group’s strong track-record in driving awareness and consumer education in beauty technology supports the Group’s sales growth, authoritative voice in the sector and the premium market positioning of the Group’s brands. Alongside this, the Group has a robust pipeline of innovative new products – focused on technology innovation, product iterations and product range extension – across each of its brands, which leverage the Group’s customer data, market analytics and market trends to help ensure that the Group remains at the forefront of the rapidly growing sector.

The Group is already seeing accelerated growth in its selective retail channel strategy for CurrentBody Skin, which compliments the brand’s D2C sales channel, enhancing distribution, brand visibility and positioning. The Directors believe this sales channel has the potential to grow notably with the launch and maturity of ZIIP Beauty and Tria Laser products.

Furthermore, although the Group’s primary focus remains on the significant organic growth opportunity, the Group remains open to strategic opportunities, including potentially in the short term, that align with its vision and enhance its technical or brand capabilities, as demonstrated by the acquisitions and integrations of ZIIP Beauty and Tria Laser.

The Group’s executive management team has considerable experience in the e-commerce and beauty technology space. The Group’s co-founder and Chief Executive, Laurence Newman, has more than 25 years’ experience in the beauty technology industry, including in e-commerce, retail, business internationalisation and manufacturing. Sam Glynn, Chief Financial Officer and Chief Operating Officer, has significant experience across financial functions, international retail and manufacturing within the health and wellness and beauty industries. He is a qualified Chartered Accountant. The Executive Directors are also supported by a highly experienced non-executive board as well as a senior leadership team, which includes Andrew Showman, the Group’s co-founder and Chief Technology Officer, Paddy Clare (commercial / performance marketing), Kat Myer (marketing), Charlotte Waller (retailer partnerships), Ellis Bradbury (products), Emily Wrenshall (supply chain and operations) and Emily Buckwell (communications) as well as the Group’s 200+ employees.