NEW YORK, June 11, 2020 /PRNewswire/ -- The global skincare market is highly competitive with large multinational corporations dominating it. Yet, over the past few years, several smaller companies managed to gain market share, in large part thanks to increasing consumer interest in natural beauty products, particularly in Europe and North America. There is a rise in awareness regarding the various benefits of using personal care products, which has resulted in a rise in sales. Demand for skincare products, specifically in the organic segment, is expected to maintain strong growth thanks to innovation, which is a response to increasing need for natural quick-fix solutions for various problems that arise from pollution and other factors. And, According to Grand View Research the global skincare products market size was valued at 134.8 billion in 2018 and is projected to expand at a CAGR of 4.4% from 2019 to 2025. Pressure BioSciences, Inc. (OTCQB: PBIO), e.l.f. Beauty (NYSE: ELF), The Estée Lauder Companies Inc. (NYSE: EL), At Ulta Beauty (NASDAQ: ULTA), Edgewell Personal Care Company (NYSE: EPC)
Perhaps not surprisingly, the popularity of skincare products has not diminished in a time of a pandemic. For example, Tula CEO, Savannah Sachs, said in a CNBC interview, "I think what we're seeing is that consumers are staying at home and they're investing in health and wellness even more… We're seeing really, really great demand across the country." In addition, Larissa Jensen, vice president and beauty advisor at NPD, a market research firm that tracks consumer trends, explained that, "Clean (beauty) is something already that we were saying is going to be important to watch… I believe that the circumstances today have only accelerated that conversation and amplified the importance of it."
Pressure BioSciences, Inc. (OTCQB: PBIO) just announced breaking news that, "its merger partner SkinScience Labs, Inc. has received an initial $3.5 million dollar order for its newly developed, premium, dermatological hand sanitizer product. PBI announced plans on April 30, 2020 to acquire SkinScience Labs (SSL Acquisition), parent company of the award-winning Dr. Denese skin care and anti-aging product lines. PBI's rights to acquire SkinScience Labs, Inc. arise through its planned acquisition of Cannaworx, Inc., announced on April 28, 2020 (Cannaworx, Inc. Acquisition).
Adrienne Denese, M.D., Ph.D. (Cornell, Harvard) is an industry leader in scientific skin care breakthrough technologies. As founder of the award-winning Dr. Denese SkinScience® product lines, it has been Dr. Denese's mission in life to help women look and feel younger, and live healthier lives. Her skin care and anti-aging product lines have consistently been top sellers on QVC, generating sales of about $18 million in 2019 and over $500 million since 2003 (https://drdenese.com).
Dr. Denese commented: 'Our goal has always been to develop and supply the highest quality of personal care products expected by our very loyal customer base. Over the past few months, shortages of hand sanitizers have been reported by stores all over the US. With SkinScience Labs' nearly two decades of experience in formulation, manufacturing, and distribution, and my expertise and training as a scientist and physician, it became clear that we could become an important new part of the solution. With particular focus on the adverse effects that the high alcohol content in typical hand sanitizers have on skin, we went back to the lab and formulated a premium quality, dermatologically driven hand sanitizer. We recently made the decision to release this very effective, premium product to the market (Hand Sanitizer Launch).'
According to a 2019 report by Radiant Insights, the global hand sanitizer market was estimated to be $2.4 billion in 2017 and is anticipated to reach $5.5 billion by 2024 (Radiant Insights Report).
The merger of SkinScience Labs, Cannaworx, Inc., and Pressure BioSciences is expected to close by June 30, 2020. At that time, the company will change its name to Availa Bio. PBI, Cannaworx, and SkinScience Labs will operate as three separate, highly synergistic divisions under the Availa Bio umbrella. The new parent company will be publicly traded as a QB company on the OTC Marketplace. Availa Bio will be led by Jim Morrison (Availa CEO), former President of L'Oreal, StarShop, and Graham Webb. Mr. Morrison is also renowned for his long history in working with celebrities to launch beauty and personal care lines, including Kylie Jenner, Britney Spears, Christie Brinkley, and Rob Lowe. Mr. Morrison is widely regarded as one of the top brand strategists in the personal care space worldwide.
Mr. Morrison said: 'Dr. Adrienne Denese is an accomplished doctor, scientist, businesswoman, and skin care visionary. It therefore came as no surprise that she chose to expand her very popular cosmetics line with the addition of a premium quality hand sanitizer based on her own proprietary formulation. With the high quality and care that Adrienne famously builds into all of her products, combined with her enormously loyal customer base, we believe this very well-timed $3.5 million dollar hand sanitizer order, which we understand is an approximate four month supply for our customer, is just the beginning of a new and very exciting era for Dr. Denese SkinScience.'
Mr. Morrison continued: 'I have been fortunate during my 30+ years in the personal care space to have gained significant experience launching products and driving sales through a myriad of retail channels worldwide. Since the May 14 announcement that we were entering the multi-billion-dollar hand sanitizer market, I have taken the opportunity to discuss our new, premium grade hand sanitizer product with several large U.S. retail outlets. The reception we received was extremely positive. We are expecting substantial on-going growth in this exciting and innovative new product line.'
The Letter of Intent between Cannaworx and SkinScience Labs, and the Letter of Intent between PBI and Cannaworx, Inc. are subject to certain closing conditions, including completion of all due diligence and acquisition financing."
e.l.f. Beauty (NYSE: ELF) announced this week that it has expanded its innovative skincare portfolio with the launch of a Full Spectrum CBD collection to refresh, revive, and re-center the mind and body. The collection, launched on May 15, 2020, features face and body care products infused with Full Spectrum CBD. It awakens the senses with notes of invigorating Japanese citrus and calming chamomile, and its rich formula helps soothe, moisturize, and restore skin. Since its launch on the brand's website, the collection has been among the top twenty selling products within skincare on the site with a high percentage of return customers. "The skincare category has been outperforming cosmetics during the crisis, and CBD in particular is projected to be a 22-billion-dollar industry by 2022. It's a category our customers have shown great interest in and we're excited to be able to build based on this demand, all at e.l.f. speed," said Kory Marchisotto, Chief Marketing Officer.
The Estée Lauder Companies Inc. (NYSE: EL) announced last year that it has signed an agreement to acquire the shares that it does not already beneficially own in Have & Be Co. Ltd., the Seoul-based, global skin care company behind Dr. Jart+ and men's grooming brand Do The Right Thing. Expected to close in December 2019, the acquisition follows the Company's December 2015 minority investment in Have & Be Co. Ltd. and is pursuant to an agreement made at that time. As one of the fastest growing skin care brands globally, Dr. Jart+ is expected to help further strengthen The Estée Lauder Companies' leadership position in skin care, and will especially help expand the Company's consumer reach in Asia/Pacific, North America, the United Kingdom and travel retail. This is the Company's first acquisition of an Asia-based beauty brand.
At Ulta Beauty (NASDAQ: ULTA) is the largest U.S. beauty retailer and the premier beauty destination for cosmetics, fragrance, skin care products, hair care products and salon services. Recently the Company announced financial results for the first quarter ended May 2, 2020. "Fiscal 2020 started off well, with good growth in comparable store sales, market share, and our Ultamate Rewards loyalty program through mid-March. However, the rapid escalation of COVID-19 resulted in significant disruption to our operations. For much of the first quarter, Ulta Beauty operated as a digital-only business, and while e-commerce sales exceeded our expectations, it was not enough to fully offset the impact of our store closings," said Mary Dillon, chief executive officer. "As we have navigated the pandemic, our priority for every decision has been to protect the well-being of our associates and guests, and I am incredibly proud and appreciative of how quickly our teams adjusted to the dynamic environment."
Edgewell Personal Care Company (NYSE: EPC) has a diversified portfolio of established brand names such as Schick® and Wilkinson Sword® men's and women's shaving systems and disposable razors; Edge® and Skintimate®. Last year the Company announced that they have entered into a definitive agreement under which Edgewell will combine with Harry's in a cash and stock transaction that values Harry's at $1.37 billion. The combination of Edgewell and Harry's brings together complementary capabilities to create a next-generation consumer products platform with an expansive runway for accelerated topline growth and enhanced value creation. Its demonstrated expertise in brand building and direct-to-consumer marketing are a complementary fit with Edgewell's strong intellectual property, best-in-class product technology, global scale and stable of strong consumer brands. The combined company will have a leading portfolio of global brands in men's and women's shaving, personal and sun and skin care.
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