SYDNEY: Wattle Health Australia Limited has entered into a Share Sale Agreement (SSA) to acquire the remaining 20% of Little Innoscents (LI) for $200,000, taking the Company’s ownership of LI to 100%.
Little Innoscents has established a reputation as a premium brand in the natural and organic skincare sector and has produced growing month-on-month sales, despite COVID-19 related headwinds, up 28% in the twelve months to 31 December 2020.
LI’s nationwide availability in quality retailers like Chemist Warehouse and Australian Pharmaceuticals Industries (API), along with growing sales in international markets (predominantly in Vietnam) makes it the ideal brand for the company to own outright and invest in for further growth.
Wattle Health is currently undertaking a review of the Little Innoscents brand range, which seeks to take advantage of the growing health and wellness market, by adding new products to the range while improving current product formulations and leveraging supply chain efficiencies.
As released to the market in its quarterly review (1 February2021), Wattle Health continues to build on the turnaround strategy implemented by Management and the Board at the beginning of CY2020.
The financial and operational benefits flowing from the turnaround, such as a 61% increase in sales for the quarter, sees Wattle Health on track to build a sustainable business with the potential to capture a growing market opportunity in the health and wellness sector.