UK-based color cosmetics company Warpaint London reported net sales of £29.7 million ($37.94 million) in the first five months, seeing a growth of 45% compared to the same period of last year.
Warpaint London, the UK-based color cosmetics company, announced that sales for the company during the first five months of the year were significantly higher than in the same period in the previous year, with a total of £29.7 million ($37.94 million) compared to £20.5 million ($26.20 million). This represents a 45% increase in sales. Additionally, the company’s profit margins remained strong and exceeded those achieved in 2022.
The recent update did not include any information about the company’s online sales. However, it is worth noting that online sales had been rapidly increasing, with a growth rate of 159% compared to the previous year. Despite this significant increase, online sales still only accounted for 2.7% of the company’s total sales.
The company that owns W7 and Technic has experienced significant growth over the past two years, after facing challenges in 2020 due to work-from-home guidance and the lack of social events that discouraged consumers from purchasing beauty products.
The W7 brand, which is a key brand for the company, has expanded its presence through a partnership with UK supermarket giant Tesco and is now available in over 1,400 Tesco stores. The company is also looking to expand its presence in Boots stores, building on its initial entry into 80 stores in February.
The company also plans to expand its product offerings in the US, with W7 products now being sold in over 1,200 Five Below stores, as well as new accounts including CVS. The W7 brand has also launched digital stores in China, and its products are now available online in the country.
Warpaint London’s group revenue for 2022 showed a significant increase of 28.1%, rising from £50.0 million ($63.89 million) in 2021 to £64.1 million ($81.91 million) in 2022. Sales from the company’s own branded products amounted to £57.7 million ($73.73 million) in 2022, compared to £44.4 million ($56.74 million) in 2021. Within this, the W7 brand had sales of £35.0 million ($44.73 million) in 2022. The Technic brand contributed sales of £22.7 million ($29.01 million) in 2022.