Dive Brief:
- After announcing plans to create new products, personalized wellness and telehealth platform Hims & Hers introduced Hims Overnight Anti-Aging Duo and a customized Hers Clear Skin System, the brand announced Wednesday.
- The Hims Overnight Anti-Aging Duo includes a custom prescription anti-aging cream, which contains three clinical ingredients, and is available in varying strengths. A non-prescription anti-wrinkle cream with hyaluronic acid is also available. The company said it's providing consultations with healthcare providers through the Hims & Her platform to assess whether the product is right for each customer.
- Customers can also get a customizable prescription cream targeting acne, with a combination of tretinoin, clindamycin, azelaic acid, zinc pyrithione and niacinamide for Hers' Clear Skin System, according to the press release.
Dive Insight:
Hims & Hers' product expansion and beauty consultations seem to be part of the company's growth strategy. Besides introducing new products, the telehealth company has partnered with retailers like Urban Outfitters and Revolve, a lifestyle fashion retailer catering to millennial and Gen Z shoppers, to distribute its wellness products.
"Skincare is a lifelong journey and certainly not a one-size-fits-all proposition," Hilary Coles, co-founder and senior vice president of brand & innovation at Hims & Hers, said in a statement. "We have worked hand-in-hand with experienced dermatologists to offer customizable prescription creams that can be used both individually and in combination with other Hims & Hers skincare offerings so our customers have the opportunity to experience their best skin possible."
The product expansion comes shortly after Hims & Hers began trading publicly on the New York Stock Exchange. The brand announced last October it inked a deal to go public with Oaktree Acquisition Corp., a special purpose acquisition company, or SPAC, valuing Hims & Hers at $1.6 billion. The telehealth company made its public debut this past January and received proceeds of almost $280 million as a result of the deal. Hims & Hers said at the time it planned to use the funds to grow geographically and develop new products.
In its most recent quarter ended June 30, the company reported revenue grew 69% year over year to $60.7 million, driven by a 75% increase in online revenues. Hims & Hers' earnings prompted it to bring on Zola and Intermix veteran Mike Chi as the company's first growth officer. But even as sales grew, Hims & Hers' losses widened: In the second quarter, the brand's net loss was $9.2 million compared to $1 million in the year-ago period.
