Faces Cosmetics appoints new CEO to tackle developing markets

Wahi is set to lead the company's expansion into India, The Middle East and Eastern Europe - markets where there is currently some of the highest growth rates in personal care worldwide. Carrying the job title CEO International, Wahi will be based in Delhi, India, where he will also be charged with heading up and establishing the Indian offices and developing distribution and marketing within the country. Revlon experience ​ He brings significant industry experience, having served as a senior executive with Revlon, a position that has given him inside knowledge of growing new brands in developing markets. Initally Wahi was a member of Revlon's European leadership team, before going on to hold regional management positions in the UK, Russia and Italy, and ultimately being appointed as Revlon Euro-International general manager. His time with Revlon also saw him initiate product distribution strategies in Russia, the Middle East and throughout Europe. Leverage international expansion ​ Faces Cosmetics CEO Ramesh Jolly said that Wahi's experience will extend the reach and size of the company's international markets and help it to leverage its expansion efforts. In March the company announced an initiative to build brand awareness through a scheme to develop a global network of retail stores. The Canada-based company, which is also registered on the UK Stock Exchange, announced in March that it was going ahead with plans to open more retail outlets as a means of increasing its exposure. Retail expansion ​ The company is in the midst of opening two new stores in the US, building on existing stores in Canada and the US, as well as three additional concessions that are planned in Mexico, where the company already has an established network of retail franchises. It also intends to establish a significant retail presence in the Middle East and India. Likewise the company says it wants to extend its skin care product line with a host of targeted new launches during the course of this year that will include a water resistant mineral powder line with SPF 25, a glitter eyeliner, an intensive therapeutic foot cream, and a skin foundation line. High admin costs led to 2007 loss ​ In its full year financial results, released last month, net sales increased 10.6 percent to $CAD4.4m for the year ending July 31, 2007 but high administrative costs led to an operating loss of $CAD2.3m. Faces Cosmetics said the causes of the heavy losses included restructuring costs, written off stock and the raising of pre-IPO funds and that many of these items were non-recurring and exceptional. It insists that despite initial losses its business model remains sound and will prove successful in the medium term and that its focus on developing a retail network and expansion into developing markets will all help to grow the business significantly in the future.