The Australian skin care products market is forecast to reach over $300 million by 2025.
That’s a lot of moisturiser… And plant based nutraceutical and skin care company Live Verdure (ASX: LV1) is keen to cash in.
The Company’s hemp based “8 Seeds” skincare brand has had a face-lift with a reformulation for their multiple products under development.
At the helm of the line’s development is Live Verdure’s General Manager of Skincare, former Managing Director of Loreal, Mark Tucker. Under Tucker’s guidance the Company has progressed in their plans to bring the range to market.
A pre-production run of four products is now underway with a further nine products in development. These products are a facial moisturiser with SPF, a facial serum, cleansing oil and body repair creme all with hemp seed oil as the active ingredient.
Hemp seed oil is becoming a trending skin care ingredient touted for its ability to restore moisture and softness to the skin whilst providing key vitamins. Hemp is also a proven anti-inflammatory which is a main determinant in LV1’s decision to include it in a secondary range specifically formulated for skin conditions such as acne, eczema, psoriasis and roseacea.
Packaging is set to be ordered this quarter while product samples are being tested for the US and UK markets. The Company is seeking to run a soft launch to their existing databse in Q3 FY22. Following that, the products will be sold through various channels including key online retailers, bricks and mortar stores and via Live Verdure’s own direct-to-customer database.
“It’s exciting to see our hemp-based skin care products coming to life and I am confident that consumers will love using the products, which is key to developing brand-loyal users,” said Mark Tucker. “When combining the unique qualities in hemp seed oil and our high-standard formulations, 8 Seeds products will deliver effective skincare solutions across the targeted market segments. Utilising both local and international chemists and manufacturers also ensures our product performance is at the highest level. And with the largest market size in the USA and UK, we are entering a space that can generate substantial incremental revenue in comparison to the local market.”
For the half year ended 31st December 2021, Live Verdure reported an unaudited online sales revenue of $509,000 with a repeat customer rate of 23.7%. The Company has $2.4 million in cash at hand, giving them just over 3 quarters of funding.
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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