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Nu Skin set to tap anti-aging demand
By Lu Nengneng |
December 15, 2011, Thursday
|
Print Edition
Print Edition
BEAUTY and personal care producer Nu Skin Enterprises, one of the major direct selling companies, is forging ahead with its biggest overseas investment to tap the potentially huge opportunity in China's anti-aging cosmetics market.
The company, based in Utah in the United States, plans to invest over 300 million yuan (US$47.28 million) in its China headquarters in Fengxian District in Shanghai. It will be the company's first overseas regional headquarters for operation, research and development, and manufacturing activities, which is due to open in 2013.
Sales in Asia's anti-aging cosmetics industry may be worth US$100 billion annually in the future and are expected to grow at a annual compound rate of 8 to 10 percent in the next decade, Andrew Fan, president of Nu Skin China, said during the ground-breaking ceremony yesterday.
The elderly population in the Chinese market may double from 150 million by 2015 and Fan said this presents a great opportunity for Nu Skin China to tap. The new headquarters can help the company triple its China sales within 2 years after its completion.
Nu Skin, which has seen its sales in China rise for 18 straight quarters, expects them to climb 30 percent this year. Nu Skin's development blueprint predicts China to contribute 25 percent or even 33 percent to the company's global sales by 2014.
Nu Skin has invested over 3 billion yuan in China, including 1.3 billion yuan in the mainland, since 1998.
Nu Skin's foreign direct sales rivals in China's cosmetic market include Avon, Amway, and Mary Kay.
The company, based in Utah in the United States, plans to invest over 300 million yuan (US$47.28 million) in its China headquarters in Fengxian District in Shanghai. It will be the company's first overseas regional headquarters for operation, research and development, and manufacturing activities, which is due to open in 2013.
Sales in Asia's anti-aging cosmetics industry may be worth US$100 billion annually in the future and are expected to grow at a annual compound rate of 8 to 10 percent in the next decade, Andrew Fan, president of Nu Skin China, said during the ground-breaking ceremony yesterday.
The elderly population in the Chinese market may double from 150 million by 2015 and Fan said this presents a great opportunity for Nu Skin China to tap. The new headquarters can help the company triple its China sales within 2 years after its completion.
Nu Skin, which has seen its sales in China rise for 18 straight quarters, expects them to climb 30 percent this year. Nu Skin's development blueprint predicts China to contribute 25 percent or even 33 percent to the company's global sales by 2014.
Nu Skin has invested over 3 billion yuan in China, including 1.3 billion yuan in the mainland, since 1998.
Nu Skin's foreign direct sales rivals in China's cosmetic market include Avon, Amway, and Mary Kay.
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