The owner of CurrentBody, a brand of beauty technology used by celebrities such as Kim Kardashian and Serena Williams, is plotting a £350m flotation that could deliver a boost to the flagging London stock market.
Sky News has learnt that The Beauty Tech Group, which is run by co-founder and chief executive Laurence Newman, is working with investment bankers on a public listing of its shares that could take place later this year.
City sources said on Tuesday that Berenberg had been appointed to steer the company through an initial public offering (IPO).
Based in Manchester, The Beauty Tech Group comprises three brands: CurrentBody, ZIIP Beauty and Tria Laser.
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The latter two were acquired by the parent company in 2023 and 2024 respectively.
Under plans being formulated by The Beauty Tech Group and its advisers, a flotation would take plans on the main London market at some point in 2025.
Details, include the size of any primary share sale, have yet to be finalised, insiders said.
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.
A string of companies have announced plans to shift their primary listings across the Atlantic, while a large number of takeovers of London-listed companies, coupled with a dearth of new listings, have compounded the sense of gloom.
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, 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.
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“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.
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-aging.