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Magazines Archives - 2007 February
HK Group Charts Major Growth Up North
Story 12
HONG KONGS skin-care product firm Water Oasis Group has chalked major growth plans for China to capitalise on the rising yuan. It expects to gain from sourcing for products with US dollars and reselling them for yuan, CEO Salina Yu Lai-Si told local reporters.
The group will expand its 44 H2O Plus outlets in the mainland to 190 and double its Neutrogena sales counters to 80. It will also set up three spa-and-beauty centres, with the first, a 3,000sqf outlet, to be opened in Beijing in April. Shanghai, Guangzhou and Chengdu are also on its growth map.
CFO Ellis Cheng placed the outlay for the year between HK$10 million (US$1.28 million) and HK$15 million.
China is expected to account for 50% of the companys turnover in two years, up from 30% now, said Yu. The group recently declared a profit of HK$13.6 million for the nine months to September 2006.
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