Highlights

• SkinKandy listed on the ASX on 21 May 2026 following a A$160 million offer at A$2.20 per share.

• The company entered public markets with a 100-store network across Australia and New Zealand and a strategy to expand through additional store openings.

• SkinKandy’s prospectus outlined FY26 pro forma revenue of A$88.7 million and EBITDA of A$23.5 million, compared with FY25 revenue of A$70.1 million and EBITDA of A$17.5 million.

• The company plans to open approximately 15 to 20 stores annually, targeting a long-term opportunity of 180 to 210 locations across Australia and New Zealand.

• SkinKandy shares traded at A$2.52 on 28 July 2026, declining A$0.070 or 2.70% during the session.

SkinKandy Limited (ASX:SK1) has entered the ASX market with a differentiated consumer retail model built around piercing services, jewellery sales and aftercare products.

The Maroochydore-based company began operations in Queensland in 2010 and expanded across Australia and New Zealand before listing publicly in May 2026.

The company’s business model combines service-based customer engagement with recurring product sales, with piercing services acting as the primary driver of store visits and jewellery purchases supporting additional revenue.

At December 2025, SkinKandy operated 100 stores supported by more than 750 trained piercers and offered a broad range of piercing services.

ASX Listing Provides Market Access

SkinKandy completed its ASX listing on 21 May 2026 following a A$160 million offer at A$2.20 per share.

The offer included:

  • A$20 million of proceeds allocated to the company.
  • A$140 million directed towards selling shareholders.

The primary capital raised by the company was intended to support international expansion initiatives and general corporate purposes.

The listing primarily provided liquidity for existing shareholders, while future store expansion is expected to be funded through operating cash flow generated from the existing business.

Following listing, the company appointed Renee Jones as an independent non-executive director in June 2026, bringing previous financial leadership experience from consumer retail businesses.

Store Network Expansion Remains Core Growth Driver

SkinKandy’s growth strategy is based on expanding its retail footprint while maintaining store-level economics.

The company has expanded geographically from its Queensland origins into New South Wales, Victoria, Western Australia, the ACT, New Zealand and Tasmania.

By December 2025, the company operated:

  • 91 stores across Australia.
  • 9 stores across New Zealand.

Approximately half of the current store network was opened from June 2023, demonstrating the pace of recent expansion.

SkinKandy estimates the long-term Australia and New Zealand opportunity at approximately 180 to 210 locations, leaving additional room for domestic growth.

The company has also identified international markets including the United States, United Kingdom and South Africa as potential future expansion opportunities.

Financial Outlook and Store Economics

SkinKandy’s prospectus provided investors with detailed financial forecasts for FY26.

On a pro forma basis, the company reported FY25 revenue of A$70.1 million, EBITDA of A$17.5 million, EBIT of A$9.9 million and net profit after tax of A$6.4 million.

For FY26, SkinKandy forecast:

  • Revenue of A$88.7 million.
  • EBITDA of A$23.5 million.
  • EBIT of A$13.4 million.
  • Net profit after tax of A$8.6 million.
  • Operating cash flow of A$19.8 million.

The forecast represents continued growth as the company expands its store network and benefits from existing store maturity.

A key part of the investment case is store-level performance. SkinKandy reported median store revenue of approximately A$1.01 million and median store-level EBITDA of around A$0.48 million in FY25.

The company also highlighted a median store payback period of approximately 13.9 months.

Business Model Combines Services and Product Sales

Unlike traditional jewellery retailers, SkinKandy’s customer relationship begins with piercing services.

Revenue mix in FY25 consisted of:

  • 52% piercing services.
  • 39% fashion jewellery.
  • 9% aftercare products.

The model allows stores to generate customer engagement through services while creating opportunities for follow-up jewellery purchases.

The company believes this structure supports repeat visits and higher customer lifetime value compared with a traditional retail-only approach.

Why Store Expansion Matters

The company’s growth opportunity depends on whether its existing store economics can be replicated across a larger network.

A short store payback period supports the possibility of self-funded expansion, reducing reliance on additional equity capital.

However, maintaining returns becomes more challenging as retailers move beyond the strongest locations into new markets with different customer demographics, rental costs and competitive conditions.

The company’s ability to maintain store productivity while expanding will be a key measure of execution.

Potential Growth Catalysts

• FY26 results providing the first performance comparison against prospectus forecasts.

• Confirmation of store openings and progress towards the planned annual rollout program.

• Evidence that new stores achieve historical payback periods.

• Expansion into additional international markets.

• Continued growth in jewellery and aftercare sales alongside piercing services.

Risks and Challenges

Execution risk remains a key factor for SkinKandy as expansion accelerates.

The company has grown rapidly, with approximately half of its stores opened within the past few years. Future performance will depend on selecting suitable locations and maintaining historical store economics.

Consumer spending conditions also represent a risk, as piercing and fashion jewellery purchases are discretionary and influenced by household confidence.

The company also faces operational challenges, including staffing requirements, training costs, health and safety compliance and lease commitments.

A concentrated shareholder register following the IPO may also influence future trading liquidity and ownership changes.

What Investors Should Watch Next

Investors will focus on whether SkinKandy delivers against the detailed targets outlined at listing.

Key areas include:

• FY26 revenue and EBITDA performance compared with forecasts.

• Store growth numbers and location expansion.

• Store-level EBITDA and payback period trends.

• Operating cash flow generation.

• Progress towards international expansion.

Conclusion

SkinKandy has entered the ASX with a differentiated consumer retail model supported by a growing store network and measurable operating metrics.

The company provides investors with clear benchmarks, including revenue growth, EBITDA targets, store rollout expectations and payback periods.

The key test will be whether the business can continue replicating its store economics as it expands beyond its existing footprint.

Future value creation will depend on disciplined expansion, customer demand and the ability to maintain profitability across a larger retail network.