Wellnex Life (ASX: WNX) has launched a one-stop platform and brand known as TheSet.Co which will sell products directly to consumers in the large and growing online health and wellness market.
The site provides Wellnex with its first direct business-to-consumer (B2C) retail channel and offers an initial range of 19 “hardworking and functional” self-care products (including sunscreens, moisturisers, creams and shampoos) marketed to people with an active lifestyle.
Products and formulations have been developed by the company and rigorously tested to ensure the highest quality.
The company said it considered the environmental impact of the cosmetics and skincare industries when developing its products and packaging.
The new site is expected to provide substantially increased margins for Wellnex compared to traditional retail sales, and will significantly increase the company’s overall margins.
The official launch will include a special promotion for Wellnex shareholders.
Wellnex said it was focused on growing awareness of the platform and brands to accelerate revenue.
The online health and wellness market for self-care products in Australia is currently valued at $1.5 billion and expected to grow to $3.5 billion by 2026.
Wellnex Life is engaged in the promotion of products which will improve consumer health and wellbeing.
In October, the company launched the Performance Inspired and Ocean Road Dairies brands through national pharmacy retail chain Chemist Warehouse.
The brands complement an expanding portfolio of Wellnex products and are expected to drive the company’s revenue growth in the new financial year.
In September, Wellnex secured a $1.5 million deal to purchase the Mr Bright teeth whitening brand which produces a range of take-home whitening solutions.
The products are currently distributed in the US, UK and online and Wellnex plans to expand into Australia where penetration has been “poor” to-date.
Earlier this year, Wellnex raised $6.2 million through the issue of secured convertible notes to accelerate its entry into the high-growth, high-margin S3 designated over-the-counter medicinal cannabis market.