Nu Skin Enterprises has $210m.boost
Looking at long-term growth in China, US beauty and wellness company Nu Skin Enterprises has taken on a $210 million strategic investment from Ping An ZQ China Growth Opportunity.
This is a consortium of Chinese investors led by Ping An of China Securities (Hong Kong) plus other investors affiliated with ZQ Capital.
“Ping An and ZQ Capital bring significant local-market knowledge and valuable expertise that we believe will positively impact our long-term growth opportunities in this important region,” Nu Skin CEO Truman Hunt said on the eve of the company’s two-day convention in Hong Kong for about 20,000 sales leaders and customers from throughout greater China.
A week before the event, Nu Skin launched its innovative customised skincare system AgeLocMe in China, selling out its limited supply.
“Based in part on this success, we anticipate delivering second-quarter revenue at the high end of, or slightly above, our previous guidance of $560 to $580 million,” says CFO Ritch Wood.
Ping An of China Securities Hong Kong is owned by financial services group Ping An Insurance of China, which has more than US$700 billion in assets and more than 200 million customers.
ZQ Capital is an investment and advisory company that specialises in identifying, investing in and working together with global companies to realise their growth potential in the Chinese market.
Founded more than 30 years ago, Nu Skin Enterprises develops and distributes innovative consumer products, offering beauty and wellness care in more than 50 international markets.