Last checked at 17 Nov 2020 07:00
17 November 2020
Warpaint London PLC
("Warpaint", the "Company" or the "Group")
UK Retail Update
Change of Board Role
Warpaint London plc (AIM: W7L), the specialist supplier of colour cosmetics and owner of the W7 and Technic brands is pleased to announce an update on the sales of the Group's products in Tesco and Wilko stores, together with details of a change of board role.
UK Retail Update
Tesco
The Company is pleased to announce that following a successful trial of an impulse range of products in 41 Tesco Express outlets, a range of 15 W7 cosmetics products will now be stocked in 209 Tesco Express stores from 18 November 2020.
Furthermore, in addition to the core range of 190 of the Group's W7 products being sold in 56 Tesco Extra stores, four new lines will be introduced by Tesco in early 2021 into 605 Tesco Extra stores and Tesco supermarkets, while a further four new lines will be stocked in 96 of these stores.
Wilko
As previously announced, since the launch in September 2020, approximately 100 exclusive Body Collection branded products, designed in partnership with wilko, have been stocked in 355 wilko stores and over 115 different Technic branded products stocked in 189 wilko stores. These stores remain open during the current England-wide Covid-19 lockdown and the products are also sold by wilko.com. In addition, a range of Technic and Body Collection gift sets are now also being stocked by wilko.
The Company is pleased to report that sales through wilko are currently running ahead of the Warpaint board's expectations at the time of the launch.
This expanded distribution of Warpaint's products underpins the board's expectations for the full year.
Change of Board Role
As announced on 6 February 2020, the Company appointed Ward & Hagon Management Consulting LLP ("Ward & Hagon") to assist the Company in implementing its strategic growth plan. Paul Hagon, a non-executive director of Warpaint, is a partner of Ward & Hagon. Following a successful initial period, the Company is pleased to announce that the contract with Ward & Hagon will be renewed for a further 12 months.
As a result of this Paul Hagon is no longer an independent non-executive director of the Company, but remains on the board as a part-time executive director. Consequently, the Company has commenced a search for an additional non-executive director and hopes to make this appointment during the first half of 2021. A further announcement will be made in due course when a new non-executive director is appointed.
Enquiries:
Warpaint London Sam Bazini - Chief Executive Officer Eoin Macleod - Managing Director Neil Rodol - Chief Financial Officer
| c/o IFC
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N+1 Singer (Nominated Adviser & Joint Broker) Shaun Dobson, Alex Bond - Corporate Finance Tom Salvesen - Corporate Broking | 020 7496 3000
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Shore Capital (Joint Broker) Patrick Castle, Daniel Bush - Corporate Advisory Fiona Conroy - Corporate Broking
| 020 7408 4090 |
IFC Advisory (Financial PR & IR) Tim Metcalfe Graham Herring Florence Chandler | 020 3934 6630
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Warpaint London plc
Warpaint is made up of two divisions.
The largest division sells branded cosmetics under the lead brand names of W7 and Technic. W7 is sold in the UK primarily to retailers and internationally to local distributors or retail chains. The Technic brand is sold in the UK and continental Europe with a significant focus on the gifting market, principally for high street retailers and supermarkets. In addition, this division supplies own brand white label cosmetics produced for several major high street retailers. The Group also sells cosmetics using our other own brand names of Man'stuff, Body Collection, Vintage, Very Vegan, and Chit Chat.
The other division trades in close-out and excess inventory of branded cosmetics and fragrances from around the world.