PALM BEACH, Florida, May 7, 2020
- Financialnewsmedia.com News Commentary
PALM BEACH, Florida, May 7, 2020 /PRNewswire/ -- The global skin care products market is rapidly expanding and is projected to continue for the next several years. The market is projected to reach USD $183.03 Billion by 2025 expanding at a CAGR of 4.4%, according to a new report by Grand View Research, Inc. Escalating demand for face creams, sunscreens, and body lotions across the globe is expected to have a positive impact on the market over the forecast period. Moreover, growing e-commerce sector is anticipated to boost the market growth further. Technological and product innovations have led to increased demand for skin care products. There is a wide variety of products available on the market including sunscreens, anti-ageing creams, body lotions, and skin brightening creams. Rising awareness regarding the various benefits of using personal care products has resulted in a rise in their demand over the last few years. This has also boosted the demand for natural and organic skin care products, making it a major sector in the cosmetics and wellness industry. Active companies in the markets this week include: Pressure BioSciences, Inc. (OTCQB: PBIO), L'Oreal S.A. (OTC: LRLCY) (OTC: LRLCF), Revlon, Inc. (NYSE: REV), Ulta Beauty, Inc. (NASDAQ: ULTA), Herbalife Nutrition Ltd. (NYSE: HLF).
Grand View reported that: "This has prompted major manufacturers to focus more on research and development activities and formulate new products, resulting in the growth of green chemistry and the green sector. Shifting consumer preference toward natural and organic goods coupled with growing usage of environmentally safe products is also expected to fuel market development. Organic product manufacturers are spending more time, money, and resources on research and development of organic products, which has resulted in the growth of green chemistry and the green sector. Increased usage of sunblock, anti-tan, and anti-aging creams is another key factor augmenting industry growth."
Pressure BioSciences, Inc. (OTCQB: PBIO) BREAKING NEWS: Former L'Oréal President Jim Morrison Appointed as CEO To Lead Availa Bio Upon Merger of Pressure BioSciences, Cannaworx and SkinScience Labs - Pressure BioSciences today announced that personal care industry leader Jim Morrison has been appointed to serve as the new CEO of the rebranded public company, Availa Bio, upon completion of the merger with Cannaworx, SkinScience Labs and Pressure BioSciences. As part of the proposed transactions, the Company intends to change the corporation's name to Availa Bio. Morrison has had a legendary career including numerous leadership positions in the personal care industry, most notably as President of L'Oréal. While at L'Oréal, Morrison oversaw growth that averaged more than 20% year-over-year. He engineered the acquisitions of Redken and Matrix and led the company during a period of unprecedented growth during his tenure.
Morrison is considered one of the top brand strategists in the personal care space. Most recently, Morrison has been CEO of StarShop, the first celebrity-driven, mobile shopping App. He launched StarShop as a partnership with the telecommunications giant SPRINT and guided the company to a successful exit earlier this year. Morrison has had a long history of working with celebrities in the beauty space and at StarShop, most notably Britney Spears, Kimora Lee Simmons, Flo Rida, Katharine McPhee, Christie Brinkley, Rob Lowe and Kylie Jenner.
Business Week Magazine previously wrote: "Over the last two decades, Mr. Morrison has had a profound impact on the American Beauty Industry. In the industry's history no other executive has had the level of financial responsibility or breadth of organizational experience as Jim. His devotion to, and success within the American beauty industry is unmatched."
Dr. Bobby Ghalili President of CannawoRx commented, "Jim is one of the preeminent beauty and personal care brand builders in the world today. Following his accomplishments as CEO in making Graham Webb one of the most successful startups of the 90's, Jim led L'Oréal for almost a decade, delivering significant growth organically and through acquisitions. He also served as President and Chairman of the American Beauty Association from 1998 to 2004. Hands down, Jim is virtually unmatched in the experience and credibility we sought to lead our revolutionary products and growth vision for Availa Bio."
As the incoming CEO designate for Availa Bio, Jim Morrison shared his excitement about the combined companies' opportunities: "I have driven powerful growth across all traditional channels and moved companies into leadership positions in the beauty industry. I now have the opportunity to literally change the product development landscape of several major industries with the use of the UST Technology in the proliferation of new products that are expected to have greater bioavailability and efficacy than anything in the world today. I see Availa Bio as a transformational company. The chance to work with Drs. Bobby Ghalili and Adrienne Denese creates a dynamic synergy. My background in skin care, the incredible SkinScience brand, and my track record in launching new products into the market presents a very rare opportunity. Availa Bio will allow me to bring over 30 years of experience and my professional network to focus on revolutionary value creation for this powerful new entity."
Dr. Adrienne Denese, President of SkinScience Labs, Inc., stated, "Jim Morrison has been astonishingly successful in building skin care brands for major celebrities. Having achieved over $500 million in sales over a seventeen-year period, I am very proud of the track record and very loyal customer following that I have built under the Dr. Denese SkinScience brand. I could not be more excited at the prospect of teaming up with Jim to take these products and our new UST technology to much greater heights and many new customers, through both existing QVC and additional new channels."
Commenting on the appointment, PBI's current President & CEO Richard T. Schumacher stated, "Availa Bio will use PBI's breakthrough Ultra Shear Technology™ ("UST™") to process oil-based nutrients and therapies into more effective, water-soluble solutions. We believe this will revolutionize Availa's extensive line of existing and new personal care and consumption products, extending from human into veterinary and agricultural applications. We are honored to have Jim's expertise, experience, and leadership as we enter into this new phase of expected explosive growth for these products, both through current sales channels like QVC, as well as through many new paths of retail distribution and online shopping." Read this and more news for Pressure BioSciences at: https://www.financialnewsmedia.com/news-pbio/
Other recent developments in the markets include:
Revlon, Inc. (NYSE: REV) together with its subsidiaries recently announced two important steps forward in strengthening the Company's business, capital structure and foundation for future growth. First, the Company executed an agreement with Jefferies Finance LLC that will significantly enhance the Company's capital structure by refinancing the Company's Senior Notes due February 2021 and 2019 Term Loan, extend the Company's near-term maturities and deliver new funding for the business.
Second, the Company announced a new Revlon 2020 Restructuring Program that is expected to generate significant annualized cost reductions of between $200 and $230 million by the end of 2022. The goal of the 2020 Program is to build a stronger global business operation, enhance the Company's cost efficiency, and improve operating margin to continue accelerating the growth in operating income and profitability that the Company saw in 2019.
L'Oreal S.A. (OTC: LRLCY) (OTC: LRLCF) previously announced the launch of Hair.com, the ultimate consumer destination for shopping professional hair products. Hair.com is backed by L'Oréal and powered by a roster of leading hair and salon experts, such as Tracey Cunningham, celebrity colorist, Redken Creative Consultant and co-owner of the iconic Mèche salon in Los Angeles, and George Papanikolas, trend-setting hair artist and Celebrity Stylist for Matrix.
The new site brings together top knowledge from the industry's best talents-by way of product reviews, tutorials, inspiration and advice-and a carefully selected professional product mix to give consumers the tools they need to bring that advice to life between visits to the salon.
Ulta Beauty, Inc. (NASDAQ: ULTA) Business Update: Ulta Beauty Introduces Curbside Pick Up in Select Stores, App & Ulta.com Still Open for Business - As our stores remain temporarily closed, the Ulta Beauty team continues to work hard to determine how we can safely deliver beauty essentials to our guests. With every discussion and decision, I want you to know we are keeping the safety of our guests and associates as our top priority.
Today, I am excited to share we have confidently begun Curbside Pick-Up in select stores where we have determined it is safe to do so. The Curbside Pick-Up offering is an extension of our already popular Buy Online Pick Up in Store service so guests who have used that service will find the process familiar. This new, convenient option is meant to deliver beauty essentials as easily and safely as possible to our guests in these markets right now. All guests can continue to shop at ulta.com or on our app.
We carefully selected more than 350 stores where this service is now available based on an extensive evaluation of local market conditions, including guidance from local and state authorities. We look forward to expanding this service to additional stores in the coming weeks. To do this right, we have and will continue to implement robust health and safety protocols with our local store associates to ensure all orders are handled following CDC guidelines, limiting contact between our guests and teams.
Herbalife Nutrition Ltd. (NYSE: HLF) recently announced that $333,000 of the $1 million pledged to World Food Program USA's Emergency Response Fund will aid Coronavirus pandemic relief efforts. These funds, gifted through the Company's Nutrition for Zero Hunger initiative, will support United Nations World Food Programme (WFP) efforts in responding to supply chain and other logistics issues related to the virus.
"Our contribution to World Food Program USA's Emergency Relief Fund is a testament to the Company's continued commitment to ending hunger worldwide," said Alan Hoffman, executive vice president, Global Affairs, Herbalife Nutrition. "Through Nutrition for Zero Hunger, we are providing much needed funds to help WFP respond in the best and most effective way possible to conquer the virus."
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