SkinKandy's Founder Draws Direct Comparisons to Lovisa's Growth Story

A former Lovisa executive is leading a strong post-IPO run in piercing and jewellery retail, with fund managers expecting the store footprint to more than double.

21 Sep 2026 · 2 min read

SkinKandy, a piercing and jewellery accessories retailer led by former Lovisa executive Dain Friis, delivered a strong post-IPO run in its first months on the ASX, with fund managers drawing direct parallels to Lovisa's successful retail growth story and expecting the store footprint to more than double over the next three to five years.

A recent IPO drawing Lovisa comparisons

Wilson Asset Management described SkinKandy as a retailer specialising in piercing and jewellery accessories, saying that following its recent IPO in May 2026, it sees significant opportunities for store rollouts across Australia and internationally, operating in a fragmented market and demonstrating strong early execution, with parallels to other successful Australian retail growth stories such as Lovisa Holdings.

SkinKandy is a retailer specialising in piercing and jewellery accessories. Following its recent IPO in May 2026, we see significant opportunities for store rollouts across Australia and internationally. The business operates in a fragmented market and has demonstrated strong early execution, with parallels to other successful Australian retail growth stories such as Lovisa Holdings.

— Wilson Asset Management, Annual Report, June 2026

A founder cut from the Blundy retail mould

Wilson Asset Management said SkinKandy, only recently listed a few months earlier, is led by Dain Friis, who spent around ten years at Lovisa, describing him as cut from the Brett Blundy retail mould, whom the fund rates as probably the highest quality retail entrepreneur in Australia, believing the business can more than double its store footprint over the next three to five years, with the range suggesting significant growth opportunity still ahead. The fund grouped SkinKandy with Eagers Automotive, Zip Co, Lovisa and Nick Scali as consumer discretionary names well placed to benefit as domestic rates pivot to cuts in calendar 2027, acknowledging near-term conditions remain tough but believing Australian rates have peaked.

SkinKandy is led by Dain Friis, who spent around 10 years at Lovisa — he's cut out of the Brett Blundy retail mould, who we rate as probably the highest quality retail entrepreneur here in Australia. We think over the next three to five years the business can more than double its store footprint.

— Wilson Asset Management, Article, July 2026

Resilience through a market sell-off

Lennox Capital Partners said SkinKandy was among the largest contributors during the month, rising approximately 11 percent against a falling market, having returned around 25 percent over the rolling quarter, with its resilience through July's sell-off reflecting the market's continued rotation toward businesses delivering earnings growth from their own initiatives rather than simply riding a broad thematic trend, remaining an out-of-index position for the fund.

What fund managers say they are watching next is delivery of the more-than-doubling store footprint target over the next three to five years, continued execution parallels to Lovisa's growth playbook under founder Dain Friis, whether domestic rate cuts in CY27 provide a further tailwind, and continued resilience in earnings-growth-driven performance regardless of broader market sentiment.