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Vita's pivot from phones into beauty off to a bad start

Business

Vita Group’s switch from communications retailer to beauty therapy has got off to a rough start with the company reporting its revenue from Artisan will fall by up to 17 per cent in the December half year.

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The company was forced into a pivoting away from its Telstra retail outlets when the communications giant decided earlier this year to bring the stores in-house. Vita has since announced a focus on beauty therapy.

Vita shares plunged 13 per cent this morning after it said the projected fall in revenue of up to $12.9 million was attributed to the lockdowns and higher than expected staff attrition.

It expects operational earnings will be in the range of $1 million to $1.4 million for the half year.

Outgoing chief executive Maxine Horne said the company saw great opportunity in aesthetics which she said “had characteristics of the mobile phone industry during its early growth stages”.

“We have a clearly defined strategy and now have the time and focus to execute it,” Horne said.

“We have a skilled team in place to focus solely in executing Artisan’s growth strategy with a strong balance sheet which will support and protect our business and provide us with the flexibility to achieve our long term strategic goals.”

Horne will step back from a hands role but will retain a seat on the board.

 

 

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