ASOS DEAL BOOOOMMMMMMMM3 May 2017 11:09
InnovaDerma plc (LON:ADP) shares advanced 11.36% to 224.40p as the UK life sciences and beauty firm announced a distribution deal with online fashion giant ASOS plc (LON:ASC) for its tanning product, Skinny Tan.
Skinny Tan will be available on the ASOS website from June and will be marketed and distributed by the online retailer across the globe.
InnovaDerma added that it achieved its highest-ever monthly revenue in April. The group said trading continues to be “very robust” and revenue growth has continued its “positive momentum”.
"We are exceptionally pleased to have secured ASOS and this, together with delivering record revenues for three of the four past months is a testament to the growing popularity of Skinny Tan,” said executive chairman Haris Chaudhry.
“We are significantly-expanding our direct client base in multiple markets and the exceptional success in Superdrug is making Skinny Tan one of the UK's most popular self-tanner. The business is making excellent progress and the board is confident of the future.”
The company also announced that it is a finalist for the initial public offering of the year award at the Small Cap Awards on 22 June.