Wesfarmers made an offer to snap up beauty retailer Silk Laser.
👉 Background: Silk Laser launched back in 2009 in South Australia focusing on injectables, like botox and laser hair removal. But, since its humble beginnings, it’s grown into 140 clinics across Australia and listed on the ASX in 2020.
👉 What happened: Wesfarmers, through its subsidiary API, has made a $169 million offer for Silk Laser to snap up the beauty retailer. API also already owns Silk’s rival Clearskincare Clinics.
👉 What else: This deal would allow Wesfarmers to become Australia’s leading provider of botox, fillers, laser hair removal, tattoo removal... And of course chin sculpting.
💡While cost of living and higher interest rates has caused our spending to slow down, Aussies are still spending on looking and feeling good - much like the "lipstick effect".
💡But it ain’t just when times are tough... In fact, Australians spend more per capita on makeup than the global average, which is only expected to grow even further according to a report from GlobalData.
💡 So maybe, just maybe, injectables and laser are no longer discretionary spends but are becoming ‘essential’ for some people.
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