Background: SkinKandy began as a single Queensland piercing studio in 2010 and has since expanded to more than 90 stores across Australia and New Zealand. Beyond standard ear piercings, the chain offers everything from lips to belly buttons to 65 other placements, plus the jewellery to go with them. After years of private equity backing, the company is now gearing up to enter public markets.

What happened: Now, SkinKandy is preparing for a 2026 IPO and targeting a $400 million valuation to fund its expansion into the US. But the beauty sector doesn’t have the smoothest track record when it comes to ASX debuts.

What else: Beauty IPOs can sparkle at first, but sustaining investor confidence is tough, and history shows that high-growth retailers often struggle once the hype fades.

What's the key learning?

💡Public markets love a beauty story, but they hate unpredictable earnings and piercing demand can swing depending on trends and consumer moods.

💡In recent years, demand for body piercings has grown as a form of self-expression, but consumer trends can shift quickly, making sales volatile. Recent examples show how tough the sector can be:

• SILK Laser Clinics listed at a $160 million value, struggled to hit expectations, and was taken private by Woolworths in 2023 for $169 million
• Laser Clinics Australia never listed at all because fund managers weren’t convinced
  These cases highlight how beauty retailers can fall short if margins and demand aren’t stable.

💡Even with strong brand awareness and rapid growth, SkinKandy needs to prove predictable earnings and resilient margins if it wants investors to back a $400 million public debut.