- Wellfully (WFL) ships its first batch of products as part of its recent deal with Russian home appliance maker BORK
- With the first tranche of products shipped, Wellfully pockets $750,000 of the $2 million to be received as part of the BORK partnership
- The two businesses first partnered up back in June, with BORK to act as Wellfully's sole distributor across its retail network
- Wellfully says it will now focus on its upcoming go-to-market plans in Russia for the BORK-labelled RÉDUIT product range
- Wellfully shares are down 13.51 per cent and trading at 16 cents each at 10:29 am AEST
Beauty and wellness business Wellfully (WFL) has shipped its first batch of products as part of its recent deal with Russian home appliance maker BORK.
Wellfully's RÉDUIT-based technology passed BORK's product inspections process and was finalised and shipped on schedule.
With this first tranche of products shipped, Wellfully has pocketed $750,000 of the $2 million to be received as part of the BORK partnership.
BORK hosts a retail network made up of 130 stores across Russia alongside partnerships with 10 third-party retailers. The Russian retailer has over 350,000 direct consumers.
Wellfully said it would now focus on its upcoming go-to-market plans in Russia, particularly in relation to education and penetration for the BORK-labelled RÉDUIT product range.
Further, Wellfully said it was exploring new product introduction opportunities with its Russian partner.
Wellfully and BORK initially partnered up back inJune, with BORK to act as Wellfully's sole distributor in Russia and the Commonwealth of Independent States (CIS).
Wellfully's RÉDUIT tech is designed to make beauty treatments easier to apply and more efficient to use.
The beauty products are applied as a mist to skin or hair, and Wellfully claims they are absorbed by the body deeper and faster than other similar types of products.
The way Wellfully explains it, human skin has a natural "magnetic barrier" that normally inhibits active ingredients from being fully absorbed. RÉDUIT, however, allegedly breaks through this barrier so the company's beauty treatments get "exactly where they need to be" to make a difference.
On top of its RÉDUIT product range, Wellfully also operates the SWISSWELL brand, which creates wearable patches designed to help relieve pain in specific areas of the body.
Nevertheless, after a stellar day of trade on Monday, shares in Wellfully were trading deeply in the red in early action on Tuesday.
Wellfully shares were down 13.51 per cent and trading at 16 cents each at 10:29 am AEST. The company has a $32.6 million market cap.
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