1. ITV Report

Poundland branches out into beauty as it casts eye on £26.7 billion market

The retailer is tapping into the multibillion pound beauty market with a budget skincare range. Credit: PA

Poundland is hoping to "inject some everyday luxury" into beauty routines by launching a budget six-piece skincare range.

In a bid to tap into the multibillion pound beauty market, the retailer is offering products such as micellar cleansing water, collagen filler and eye cream in its range.

Poundland flagged research by Global Data shows the market is estimated to hit £26.7 billion by 2022 with the annual spend per head on skincare is set to rise by £73 to £487 over the next five years.

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The range is just one of the changes the South African owned retailer is making to diversify its products.

Poundland is also accelerating the rollout of Pep&Co fashion outlets within its stores to take on rival Primark as a "major high street fashion player."

Holly Mobley, Poundland’s head of glamour, said: "Everyone wants to look good for less, and we spent a long time ironing out the wrinkles to develop a fantastic skincare range to fit all budgets.

"We set out to challenge expectations, we want customers to feel like they are buying a bit of luxury without breaking the bank and are confident #6 hits the mark for beauty addicts and skincare novices alike."