Lyma has reported a 40% increase in turnover to £32.5m thanks to its global expansion strategy, celebrity endorsements and product R&D.
The British wellness technology brand said its double-digit revenue increase for FY23 – up from £23.2m the year previous – was especially driven by its “continued US growth”.
Sales of Lyma’s handheld Laser facial device have risen 43% year-on-year thanks to endorsements by A-list actresses Kate Beckinsale and Sienna Miller.
As such, the company has opened its first US distribution centre partnership to help manage the increase in consumer demand.
Lyma was founded in 2018 by Lucy Goff, initially offering wellness supplements before expanding into at-home and professional laser devices.
Lyma is a British wellness technology brand
The brand has tapped into the rising power of beauty tools, with the global home-use devices market expected to increase to US $89m by 2030, found analyst P&S Intelligence.
Product R&D has also fuelled Lyma’s growth, including the brand’s anti-ageing Lyma Skincare serum and cream duo, which launched to a 30,000 waitlist this year.
Lyma's B2B business, which covers laser and supplement sales to professional clinics and spas, also soared 82% during FY23.
“We are delighted that our continued dedication to true innovation has delivered this strong growth for Lyma,” said Goff.
“These results are exciting to see and we are continuing to push forward with new innovations, like Lyma Laser PRO which launched in May."
Lyma’s Laser Pro device for face and body has already sold out twice this year.
Goff is anticipating “ongoing growth” in 2024 and said more “exciting NPD” is in the pipeline for 2025.