 |
|
Inika merges with Mukti Botanicals
[Wed 01/07/2009 03:11:49]
All-natural mineral cosmetics brand Inika officially announced today that it will merge with 100 percent natural and certified organic skincare range, Mukti Botanicals; effective immediately. Both companies will continue to trade as separate entities, with shareholders of both brands coming together to form parent company Truth in Beauty Pty Ltd, which will own both the Inika and Mukti brands.
The merger was first announced at a media launch hosted by Inika on Tuesday, June 30 at Souk in the City restaurant in Sydney’s Darlinghurst, where the company also previewed its new limited edition Purely Bronzed certified organic body bronzing mousse; available from September to December, 2009.
 The merger allows Inika to expand its cosmetics offering to existing and new stockists around the world. Inika will take over the day-to-day operations for the Mukti brand and utilise its well established global sales force to substantially increase the skincare brand’s foothold in both local and international markets. The combined turnover for both brands is expected to exceed $6 million in fiscal year 2009 to 2010.
Miranda Bond, co-founder of Inika, becomes CEO for the Truth in Beauty group. For her, the merger represents a significant milestone in Inika’s development. “I have long been an admirer of the Mukti range and feel privileged that our companies will be joining forces. Aside from our shared passions and philosophies, this merger is a sensible and strategic move for both brands that will allow us to aggressively pursue market share around the world,” she said.
Bond expects the Mukti brand to more than double in size over the next fiscal year. “The changes that are coming over the next 12 months will propel these two brands globally while continuing to spread the message that women do not have to compromise on quality or performance in order to use natural, ethical and safe beauty products. Our aim with the Mukti brand is to provide divine certified organic skin and body care that everyone can afford,” she said.
In her presentation at the launch, Bond reported that Inika has gone from strength to strength since its inception in 2006, experiencing growth rates of 400 percent year-on-year in its first two years of operation, followed by 150 percent growth during 2008/09. Inika’s 66-sku natural makeup range is now sold in more than 13 countries around the world, with dedicated offices operating in both Australia and the United Kingdom.
Queensland-based Mukti was established in 2000 and includes some 45 skin and body care products, manufactured locally. The range is currently stocked in eight countries around the world, including Harvey Nichols department store and Sephora in Hong Kong. Mukti’s manufacturing and offices will relocate to New South Wales at the end of 2009 to a new facility to house both Truth in Beauty brands.
“The Inika merger signifies everything I have worked towards for the past decade,” said Mukti, the founder of Mukti Botanicals, whose name means “freedom and liberation” in Sanskrit. “We have always been dedicated to educating consumers on making safe, informed and sustainable choices and I feel thrilled to become part of a brilliant team that not only shares our ethics and values, but will assist to grow the Mukti brand and cement its place in the market on a global scale.
“The merger also allows me to step away from the business side of things and focus on my passion for cosmetic chemistry and formulating, so that we can continue to bring affordable, world-class organic skin care products to the market.”
Bond said that a lack of standards and control in the natural beauty industry and “a flurry of ‘green-washing’ in recent years”, led to the decision that all Truth in Beauty products carry a symbol on their packaging as a guarantee that the product is free from harmful chemicals, environmentally and ethically conscious and safe to use. Both Inika and Mukti products are guaranteed free from artificial chemicals, fillers, parabens, phthalates, fragrances, artificial colours and GM ingredients. All products are also certified cruelty free, and either certified vegan, certified organic or both.
“In a world that has yet to define and enforce standards in the natural and organic cosmetic industry, we aim to create a standard that people can trust,” said Bond. “With companies increasingly jumping on the ‘green’ and ‘natural’ bandwagon, legitimately natural brands are struggling to have their voices heard. We hope that by joining forces, our unified voice will become louder and stronger, cementing our place as a world-leader in truly natural cosmetics.”
1,075
|
