VITA GROUP DIVERSIFIES INTO SKIN TREATMENT BUSINESS IN $9.5M DEAL

VITA Group (ASX: VTG) has undertaken a major change in direction with the $9.5 million acquisition of non-surgical cosmetic treatment business Clear Complexions.

The purchase marks Vita's entry into the non-invasive medical aesthetics market (NIMA), estimated to be worth $1 billion a year in Australia, as it looks to diversify away from its current core operations as a Telstra retail store operator.

Vita Group CEO Maxine Horne says the decision to acquire Clear Complexions was made due to the brand's premium service offering, and the opportunity for Vita to apply its "core competencies" to drive further growth, scale and profitability.

"There is great alignment between the two businesses, and we see Clear Complexions as being a good cultural fit with Vita, which is of key importance to us," Horne says.

"Vita brings significant experience to the table, with 22 years in retailing and well-embedded competencies, including a strong focus on consultative selling and execution.

"Vita has scalable frameworks, processes and systems that can support Clear Complexions' growth. Read more

Ben Hall - Business News Australia - 19 Oct 2017