Esthetics International Group Berhad (“EIG”) is pleased to announce the signing of a Distribution Agreement (the “Agreement”) on 10 September 2021 between EIG Dermal Wellness (M) Sdn Bhd (“EIGDW”), a wholly-owned subsidiary of EIG, and Iredale Cosmetics, Inc (“IC”).
The Agreement grants EIGDW the exclusive right to sell and distribute Jane Iredale cosmetic products in Malaysia, Brunei, Singapore, Thailand, Indonesia and the Philippines (the “Territory”) with a First Right of Refusal for Hong Kong, for an initial period of three (3) years and two months effective from 1 November 2021 to 31 December 2024, and may be further extended or renewed as agreed between the Parties.
The Agreement will enable EIG to further leverage and expand its distribution of prestige cosmetic products through the professional salon as well as selected retail and ecommerce channels in the Territory.
Jane Iredale is a leading performance clean cosmetic brand from USA in the professional and medispa channel, prescribed by dermatologists, plastic surgeons, estheticians and makeup artists, with over 25 years’ history and distribution in more than 50 countries globally. Jane Iredale combines skincare science with efficacious clean and natural ingredients to deliver skin-loving benefits and long-wear, no-fade performance.
The Directors of EIG, having considered all relevant factors, is of the view that it is in the interest of EIG for EIGDW to enter into the Agreement.
The signing of the Agreement will not have any effect on the share capital and substantial shareholdings structure of EIG. With focused and prudent sales and marketing efforts and barring unforeseen circumstances, the Agreement is expected to positively contribute to future profits, earnings per share and net assets of EIG.
None of the Directors of the Company, substantial shareholders and/or persons connected to them has any interest, direct or indirect in the above transaction.
This announcement is dated 10 September 2021.