Canadian cosmetics firm to issue 50.9 million shares
Faces Cosmetics, the Canadian cosmetics retailer, is gearing up to float on AIM in September with the anticipated market capitalisation of about£6 million.
The cosmetics brand revealed plans to expand its Canada based business with standalone stores in the UK market, as it prepared to admit 50.9 million shares to AIM at 11.75p a share.
Faces chief executive Dr Ramesh Jolly said: 'The flotation on AIM is in line with our plans to expand the FACES brand internationally. Since we acquired the brand we have invested C$4.2 million [£2 million] which will enable us to expand our US operations and progressively establish a presence in the UK market.'
The business was founded in 1974 and Faces operate 35 outlets in Canada, 16 in Mexico, two in USA and one in Ireland.
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