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InnovaDerma's Roots range to be in large Tesco stores from November

Last updated: 06:00 08 Aug 2018 EDT, First published: 02:42 08 Aug 2018 EDT

Hair
Tesco, Boots and Superdrug now stock it

InnovaDerma (LON:IDP) saw its shares shoot higher on Wednesday on news it is to sell its fast-growing Roots haircare range through Tesco stores from November.

The supermarket will stock the product in 432 of its largest stores in the initial launch.

READ: InnovaDerma chairman hails strong revenue growth; bottom line hit by one-off investments and supply chain issue

That makes three of the largest UK supermarkets/chemist chains now stocking Roots, said Haris Chaudhry, executive chairman.

Boots started to sell the Roots range in 359 of its largest stores this month, while Superdrug is stocking it across almost all of its stores.

In late morning trading, InnovaDerma shares were 21.6% higher at 135p.

In a note to clients, analysts at finnCap commented: “We are leaving our forecasts and target price unchanged but view these announcements as significant positives that underpin our FY 2019 forecasts and provide potential upside to the longer term.”

New chief executive

InnovaDerma also said it had now appointed Kieran Callan as chief executive from his current role as a non-exec director.

The Aussie-based company announced in June it was looking for a UK-based CEO to manage the group’s development in 2019.

Callan will keep his seat on the InnovaDerma board, while Chaudhry will remain as executive chairman.

“Kieran's significant experience within the FMCG sector across multiple continents including his leadership roles with PZ Cussons and his decades of experience in retail, distribution, finance and management positions him as an ideal candidate for taking the business forward," said Chaudhry.  

InnovaDerma is best known for its Skinny Tan range, but it has been Roots that has been the growth star over the past year.

 -- Adds analyst comment, share price --

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