The owner of CurrentBody, a brand of beauty technology used by celebrities such as Kim Kardashian and Serena Williams, has picked a director of On The Beach and The Gym Group to spearhead an autumn flotation in London.
Sky News has learnt that Elaine O’Donnell, a former EY partner and chartered accountant, has been appointed non-executive chair of The Beauty Tech Group.
Ms O’Donnell’s appointment comes as the Manchester-based company – which comprises the CurrentBody, ZIIP Beauty and Tria Laser brands – steps up preparations for a stock market listing which could value it at about £350m.
Previously chair of Games Workshop, Ms O’Donnell is expected to oversee the appointment of other non-executive directors ahead of an initial public offering (IPO).
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The timing of an attempt to go public will be dependent upon market conditions, according to people close to the company.
Sky News revealed earlier this year that The Beauty Tech Group had hired bankers at Berenberg to work on the plans.
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Run by co-founder and chief executive Laurence Newman, The Beauty Tech Group intends to list on the main London market.
The company is owned by its management team – led by Mr Newman but also including co-founder and chief technology officer Andrew Showman and finance chief Sam Glynn – and a group of high-net-worth individuals.
It describes itself as a global industry leader in home-use beauty technology, and is focused on products which use LED, radio frequency, microcurrent and laser treatments.
A successful stock market debut would represent a positive development for the London Stock Exchange during a period when searching questions are being posed about its attractiveness as a listing destination.
Several companies have announced plans to shift their primary listings across the Atlantic, the latest of which was payments company Wise.
The Beauty Tech Group saw a substantial increase in revenue last year, with sales passing the £100m mark for the first time, up from £80m in 2023.
Its revenues comprise just under a quarter from the UK and 77% internationally.
Since the beginning of this year, it has been exclusively focused on own-brand sales.
The beauty technology market is projected to grow from £2.7bn in global sales in 2023 at a compound annual growth rate of up to 17% until 2026, according to a report by the professional services firm PricewaterhouseCoopers.
In a statement issued to Sky News earlier this year, Mr Newman said: “2024 was another significant year financially and strategically for the Group.
“We delivered revenue of over £100m and successfully acquired Tria Laser while also completing the integration of ZIIP Beauty.
“These acquisitions have diversified and increased the Group’s product offering across the rapidly growing beauty tech market and, in line with our strategic ambitions, the Group is now focused exclusively on own-brand products.
“I am pleased that the Group’s strong performance through 2024 has continued into January and I am confident that 2025 will be another record year.
“As increasing international demand and the Group’s operational infrastructure provide foundations for the next stage of its global growth, the Group is considering its strategic options, which includes a London IPO later this year.”
The Beauty Tech Group counts Harrods among its retail partners, while its products are also sold on more than 20 direct-to-consumer websites around the world.
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It recently partnered with Manchester University’s dermatology department to research opportunities for advanced beauty technologies relevant to areas of consumer demand, such as hair regrowth and anti-ageing.
The company declined to comment on Ms O’Donnell’s appointment.
