Nu Skin Sees Strong Chinese Market
Eyeing massive consumption potential of China’s growing middle-class, personal-care products maker Nu Skin Enterprises is ramping up investment in the fast-expanding market, describing it as a “substantial part” of the company’s growth plans.
Truman Hunt, President/CEO of Nu Skin, said the company plans to invest close to US$ 200-M in building stores and manufacturing facilities in China in Y 2014, to keep up with rising demand.
“We are deploying a lot of capital in China because we believe in the future of the market,” Mr. Hunt said Sunday.
To better tap the market, the NYSE-listed company has invested over CNY 450-M in building a new offices in Shanghai, its largest ever foreign investment, according to Mr. Hunt.
He saw Greater China (Mainland, Hong Kong, Taiwan), which reported US$ 450-M in sales revenue for 1-H of the year, as the biggest revenue contributor for the company this year.
Nu Skin was the 1st foreign-invested direct selling company to be licensed to do business in China. So far, the company has acquired admission to operate in 19 Chinese provinces and regions.
Mr. Hunt recognizes the challenge for the company’s operations in China as their network is expanding very fast.
The company will continue to cooperate with Chinese regulators to make sure its operations in China are in compliance with Chinese laws, Mr. Hunt vowed.
As a multinational company in China, Nu Skin continually promotes its Force For Good in Great China.
Nu Skin Force For Good Foundation was founded in Y 1996, and it has created more than CNY 800-M in donations in China as of October 2013. Mr. Hunt promised that the company will continually expand the area and amount of donations to China.
Shares of Nu Skin closed on 11 October at 95.65 on the NYSE.
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