111SKIN focused on foreign growth with funding deal from RBS Invoice Finance
Plans to continue its expansion in both the domestic and international market are well underway for luxury British skincare brand 111SKIN.
The company has just secured a funding deal with RBS Invoice Finance which will provide the business with support as it increases production and stock levels to meet growing demand.
Originally launched in the UK in 2010, 111SKIN has expanded rapidly achieving domestic annual turnover in the region of £2m. In 2014, the company began to sell its products in Europe and the USA where its popularity has resulted on 133% year on year growth. The skincare brand is now focussed on increasing product availability throughout these markets, increasing the geographical spread and number of stockists it supplies.
Developed by renowned plastic surgeon, Dr Yannis Alexandrides, MD of 111 Harley Street London, 111SKIN was launched following years of research into developing a product to help the skin heal more efficiently after cosmetic surgery. During his research Dr Alexandrides discovered that skin ages faster in space and so collaborated with space scientists responsible for the wellbeing of astronauts. Together they developed the now patented NAC Y² formula which is the key ingredient of all products in the 111SKIN range.
Initially a serum containing the NAC Y² formula was developed and given to patients following surgery to support skin repair. Boasting impressive results, demand quickly escalated for the product and Dr Alexandrides was approached by several retailers to create a skincare range based on the unique formula.
111SKIN produces 26 products including repair serums, protective moisturisers, exfoliating cleansers and toners and is priced between £40 and £599. It is sold at luxury stores in the UK such as Harrods, Harvey Nichols, Space NK and Net-a-Porter.com as well as on 111Skin.com.
Dr Yannis Alexandrides, owner of 111SKIN Limited, said:
“111SKIN is the result of many years of scientific research and development into skincare. The NAC Y² formula produces amazing results and I am pleased that we have been able to develop a range of products that deliver actual results.
“Continuing to publicise the benefits of 111SKIN products and expanding the brand overseas are our key strategic objectives and the support we have received from RBS Invoice Finance is a fundamental part of that. The invoice discounting line will enable us to increase both production and our stock levels so that we can meet increasing demand and continue to penetrate the skincare market abroad.”
Julian Cassen, business development manager at RBS Invoice Finance, said:
“111SKIN is a cutting edge brand and I am pleased that we have been able to support the company as it continues to expand. Having worked alongside Dr Alexandrides to understand the business and its growth objectives, we have provided the company with an invoice discounting facility that will support working capital during this period of growth.”
