The Laser Clinics Australia journey
In 2007, Babak Moini and Alistair Champion were running a small cosmetic treatments business and saw scope for an industry disruptor. At the time, laser hair removal and injectables were only offered at a high price point in low-traffic medical centre locations. Babak and Alistair saw the opportunity to take the procedures to the mass market through a modestly priced retail offering. The Growth Fund has partnered with the founders, Babak Moini and Alistair Champion, to pursue growth opportunities in the industry.
“Ryanair was our model,” recalls Babak, “They opened up a whole new untapped market in Europe by reducing the cost of air travel to consumers. We realized we could do the same thing with cosmetic treatments.”
Skin in the game
The first Laser Clinics Australia clinic was opened in a high street location in Drummoyne, Sydney in 2008. Babak and Alistair soon realised that they had the right ingredients to scale operations, as the clinic outperformed their initial projections and they started to roll-out the brand to new locations.
Essential to the model’s success was a 50/50 ownership split between themselves and the clinic operators, which continues today. “Alignment was the key”, Babak remembers, “when the managers had skin in the game, the clinics performed far more strongly.”
Babak and Alistair took a turnkey approach to scale – with consistency in operations and the same product offering, look and feel to consumers across the network resulting in a brand recognised for quality. The business quickly grew to 25 clinics by 2014, with operations across New South Wales and Queensland.
Following an injection of capital from The Growth Fund in August 2014 in partnership with the founders, Laser Clinics Australia has accelerated its rollout on a national scale to reinforce its position as the leading player in the rapidly growing cosmetic treatments industry.