The OptiBiotix Health PLC (LON: OPTI) share price surged 23.6% after announcing that it had partnered with Boots, one of the largest retailers in the UK and Ireland with 58,000 employees in 2,200 shops across the United Kingdom and Ireland, to launch some of its product ranges on the retailer’s online store Boots.com.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
The life sciences business developing compounds to tackle obesity, diabetes, high cholesterol, and skin care announced that it had agreed to launch its brands of SlimBiome®, GoFigure®, and Snacksmart® products online with Boots in Q1 2024. The company also expects a potential store launch in May 2024.
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Launching the products online is a brilliant move by both companies as it will allow them to gauge the demand for the products before moving forward with an in-store launch. Boots is a leading retailer, generating sales worth £6.5 billion in 2022.
Boots stores range from local pharmacies to massive health and beauty shops in airports, on high streets and shopping centres. Boots grew its multichannel and e-commerce business (Boots.com) during the pandemic lockdown period when the segment was booming.
The Boots.com online store generated sales of £576 million in 2022, with its online business experiencing its biggest Black Friday ever in November 2022, where it booked three orders every second for 14 consecutive hours. The online store accounts for 18% of Boots's retail sales.
Stephen O'Hara, CEO of OptiBiotix, commented: “We are pleased to report the planned launch of our SlimBiome®, GoFigure®, and Snacksmart® products online with Boots in Q1 2024. This is a first step in building our brand presence with major retailers to support brand awareness and sales growth. OptiBiotix is now building a multichannel presence with major online (Amazon) and in-store retailers both nationally (Holland and Barrett, Boots) and internationally (Apollo Pharmacies: India; Nahdi Pharmacies: Saudi Arabia), which will increase brand credibility and awareness.”
OptiBiotix share price.
The OptiBiotix shares surged 23.56% to trade at 27.80p, from Thursday’s closing price of 22.50p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.