Executive Summary
Faces Cosmetics plc was formed in August 2006 and is the UK registered holding company of Faces Cosmetics Holdings Inc., its Canadian branded cosmetics, skin care and anti-aging products business. The Group has an extensive product line comprising over 1,000 individual items in 15 product categories, which are sold through 56, mainly franchised, retail outlets in four countries: Canada (36), Mexico (16), USA (2) and Ireland (2). These products are targeted at Caucasians and a diverse range of women with varying skin tones and colour (typically Hispanic, African, Native American and Asian). It markets its products to a range of age groups, including teenagers and more mature women. In addition, aesthetic treatments, such as facials, manicures and waxing are provided at a number of these retail outlets. The business mainly operates a franchise model whereby third parties acquire the right to operate Faces Cosmetics branded retail sites within shopping centres and other retail locations. Initially, the retail outlets were entirely comprised of kiosks, positioned mainly in the walkways within shopping centres, offering an extensive range of cosmetic, skin care and anti-aging products. More recently, Faces Cosmetics has concentrated on stores within shopping centres, some of which offer aesthetic treatments, in addition to an extensive range of cosmetic, skin care and anti-aging products. In January 2007, the Group announced the sale of a Master Franchise in the Middle East covering the United Arab Emirates, Saudi Arabia, Kuwait, Oman, Qatar, Bahrain, and Yemen. More recently it announced plans for further expansion in Mexico, the grant of a third franchise in the USA and its first store in Eastern Europe.
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