Cellmid Limited (ASX:CDY) has secured its second premium retail partner in the US, Soft Surroundings.
Soft Surroundings owns 59 stores across the US and will sell Cellmid’s évolis® Professional product range.
Soft Surroundings also has a strong online presence
Headquartered in St. Louis, Soft Surroundings is a lifestyle brand and retailer of women’s beauty products, home and apparel with a fast-growing e-commerce platform.
Soft Surroundings positions itself as a luxury lifestyle brand for busy women of all ages.
Maria Halasz, chief executive, said: “Soft Surroundings has grown remarkably during a challenging period for retailers due to impeccable customer service.
“We look forward to building a strong relationship with their customer base in 2018 and beyond.”
The agreement is the second premium retail relationship for Cellmid’s évolis® Professional product range, after signing the agreement with Neiman Marcus in August 2017.
It is a key milestone in the company’s US distribution strategy.
Targeting the $14.7 billion prestige hair market
Cellmid’s consumer health subsidiary Advangen currently generates all of the company’s revenue.
The consumer health segment currently sells hair growth products in Australia, Japan and the U.S, which were developed using FGF5 related intellectual property.
During the recent September quarter, the consumer health segment achieves sales of $1.03 million, up 4% on the prior corresponding quarter.
Cellmid is targeting the prestige hair care market, which is expected to reach global sales of $14.7 billion annually by 2021.