Sunny outlook for Rainbow Cosmetics
RAINBOW Cosmetics, a family business based in North Manchester is looking to grow its own-label brands as it targets revenues of £40m by 2020.
The business, which is celebrating its 25th anniversary this year, is being run by Stephen Sharman, the son of founders John and Heather, who returned to the family enterprise in 2010 after forging a successful career over seven years with discount retailer Lidl.
The majority of Rainbow’s sales – which in 2014 were £32m – come from importing and wholesaling perfumes and cosmetics for the likes of Calvin Klein, Hugo Bosss, Gucci and Armani and celebrity-endorsed products such as Beckham, Katy Perry and Lady Gaga.
One of the fastest growing parts of the business though is Rainbow’s own-brands, self tanning brand Sunkissed, which is fronted by The Only Way is Essex star Lucy Mecklenburgh, make-up collection Active Cosmetics and gift brand Style & Grace.
Stephen Sharman told TheBusinessDesk that growing sales of own-brand products from over £4m to more than £10m, in the UK will help Rainbow to hit its £40m goal.
“We are very pleased with the growth of Sunkissed in particular – the link with Lucy is going amazingly well. In May we launched a new cosmetics collection called Beautiful Bronze, into Primark stores in the UK, Ireland (Penney’s) and Europe.
“This follows the success and growth of Sunkissed in Primark, which has helped increase Sunkissed revenue by over 39% in the last two years.”
Over the last three years distribution for the Sunkissed brand has increased significantly with retailers giants Primark, Superdrug, TopShop and Morrisons now stocking the products.
Further overseas growth is forecasted with Rainbow Cosmetics recently signing exclusive distribution deals for the US, Canada, Australia and Mexico.
