New Faces Of European Cosmetics Franchise
Posted on: 30/08/2006
Faces Cosmetics seeks European foundation via AIM.
The Times reports that Faces Cosmetics, the private Canadian beauty firm, is to list in London with a market capitalisation of US$12 million (£6.3 million), raising funds for expansion.
The company, which makes cosmetics and anti-ageing products, has hired Patti Boulaye, the entertainer, to advise it on a move into Europe. Faces, which will raise $2.13 million in the listing in September on the Alternative Investment Market, hopes to open 20 stores in the US in the next year with the proceeds. It will issue 50.9 million shares at 11.75p each.
The company said that it would expand through franchise partners and aims to open a wholly owned store in the UK early next year, with a further 11 to open through a franchise partner over the next two years.
Ramesh Jolly, chief executive, said that the company had opted to list on AIM instead of in the US or Canada to attract international investors and to raise its profile in the UK ahead of the launch. The 54-chain group already has a presence in Ireland, with one store, as well as running two in the US and 16 in Mexico. It is also looking at opening stores in India and the Middle East.
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