First Day of Dealings

Reflexion Cosmetics PLC
8 March 2004




FOR IMMEDIATE RELEASE                                              8 March 2004

                           Reflexion Cosmetics PLC

       First Day of Dealings on the Alternative Investment Market ('AIM')


Reflexion Cosmetics (AIM: RFX), the company set up to acquire businesses in the
toiletries and cosmetics sector, is pleased to announce its flotation on the
Alternative Investment Market (AIM) of the London Stock Exchange today.

  • Reflexion Cosmetics has been established as the initial step in the
    creation of an international cosmetics and toiletries business through the
    acquisition of and development of under-performing beauty product brands.

  • Reflexion Cosmetics has a strong management team led by Ratan
    Daryani, Chief Executive.  Ratan has worked in cosmetics retailing for the 
    past 15 years, including key positions at The Virgin Cosmetics Company Ltd 
    and The Body Shop International plc. He was a main board director of Victory 
    Corporation plc, the AIM traded holding company of Virgin Cosmetics Ltd.
 
  • Nigel Robertson, the founder and former Chief Executive of scoot.com, is the 
    Company's Non-Executive Chairman.

  • It is intended that Reflexion Cosmetics will concentrate on 'contemporary'
    brands, which are affordable but which meet consumers' aspirations for
    quality and luxury. The Company will seek to identify acquisition
    opportunities among businesses that have strong branding and distinctive
    product ranges but which lack finance or business skills to fulfil their
    potential.

  • In 2002, the worldwide cosmetics and toiletries market was valued at
    US$180 billion and is expected to continue to grow.  The UK market is a
    substantial market in its own right and alone was valued at £5.8 billion in
    2002.

  • £375,000 (after expenses) was raised for Reflexion Cosmetics via a
    Placing at the Placing price of 13p per Ordinary Share (the 'Placing Price') 
    by W.H. Ireland Ltd.

  • W.H Ireland is the Company's nominated advisor and broker.

Ratan Daryani, Chief Executive of Reflexion Cosmetics, commented:

'I am very pleased with the response to the flotation.  We are confident that we
have the right corporate strategy and management to develop the business moving
forward.  We will seek appropriate acquisitions to enable us to deliver value to
our shareholders.'


                                         PLACING STATISTICS*


Number of Ordinary Shares in issue prior to the Placing                                           5,000,000

Placing Price                                                                                     13p

Number of new Ordinary Shares being issued under the Placing                                      3,846,154

Percentage of the enlarged issued share capital of the Company held by New Shareholders
following completion of the Placing                                                               43%

Number of Ordinary Shares in issue immediately following completion
of the Placing and Admission                                                                      8,846,154

Gross proceeds of the Placing                                                                     £500,000

Estimated net proceeds of the Placing                                                             £375,000

* assuming full subscription in respect of the Placing.




                                            ENDS



For further information contact:

Reflexion Cosmetics                                           Tel: [phone]
Ratan Daryani, Chief Executive Officer

W.H. Ireland                                                  Tel: [phone]
Tim Cofman, Nicola Rayner

Buchanan Communications                                       Tel: [phone]
Mark Court, Mary-Jane Johnson


                      This information is provided by RNS
            The company news service from the London Stock Exchange



                      This information is provided by RNS
            The company news service from the London Stock Exchange