Poundland is launching its own £1 skincare range as the budget retailer looks to tap into what is tipped to be a £26.7 billion beauty market.

The group said that its six-piece skincare range #6 will “inject some everyday luxury” into beauty routines.

Products will include micellar cleansing water, anti-ageing day cream, anti-ageing night cream, collagen filler, eye cream and derma serum.

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

The retailer, owned by South Africa’s Steinhoff, has been diversifying rapidly over the past few years.

To this end, Poundland is accelerating the rollout of Pep&Co fashion outlets within its stores as the firm ramps up competition with rival Primark.

The expansion drive is part of its aim to become 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.”