Former NZ Venture Investment Fund chief executive Franceska Banga has taken the chair of FAB Group, the franchiser behind Skincare chain Caci Clinic.
FAB Group, which was founded in 1994 by Jackie and David Smith, aims to list on a public exchange by 2019, if not before. Banga will be the independent chairwomen on the board, alongside co-founder Jackie Smith and chief executive Glenice Riley.
Two independent directors are yet to be appointed.
The Auckland-based company owns the Caci Clinic franchise and a number of skincare including Murad skincare and Smashbox Cosmetics. It currently operates 36 clinics and is aiming to open 14 more and expand to Australia. Five new clinics were opened in the last financial year alone.
Chief executive Glenice Riley says the company has shown strong and consistent growth over the past five years. “We are a profitable, fast growing company with strong prospects for further expansion as we push towards a listing on a stock exchange. Over the last five years, the group’s revenue has doubled and profit has increased four-fold as we have been able to take advantage of scale.”
The wider group revenue, including the franchises, is about $38 million.
Franceska Banga, Jackie Smith, Glenice Riley
Banga says her role as chair will be to position the company for further growth and begin to communicate the company’s strategy, performance and potential to the investment community. “We will systematically put in place a number of other structures to meet NZX requirements,” she says. “I will strengthen the board, ensure the financial and reporting data is the right structure and transparency around performance, an develop a strategy for international growth.”
Banga is currently a director of three private companies, focused on technology and investment. She also has a health sector background, which she says will help in her latest position.
FAB Group has a problem very uncommon in the business world: their diversification is in the other direction.
The founder, chief executive and chair are all women, and Banga says they’ve already had the conversation about the importance of diversity. “While it should not be surprising, it is very encouraging that we’re seeing female-led companies like this succeed,” she says. “But just like any company, diversity is fundamental. My decision to engage with this company as based on the quality of the people, not their gender.”
Banga sites Nadia Lim’s hugely successful venture My Food Bag as another example of female excellence in business.