Nu Skin settles SEC prob

By Natasha Spencer

- Last updated on GMT

Nu Skin settles SEC prob

Related tags: Nu skin, U.s. securities and exchange commission

The global anti-aging and skin care products maker has reached an agreement with the  Securities and Exchange Commission (SEC) over a probe into the company’s charitable contribution in China.

The global anti-aging and skin care products maker has reached an agreement with the  Securities and Exchange Commission (SEC) over a probe into the company’s charitable contribution in China.

Nu Skin Enterprises announced it had reached an agreement with the Securities and Exchange Commission (SEC) to settle a probe into the company’s charitable contribution in China in 2013.

After the SEC found that Nu Skin's books, records and internal controls relating to a charitable contribution made to China in 2013 were insufficient, the global skin care company agreed to pay $765,688 to the SEC.

In agreeing to pay this amount and finalise the settlement, Nu Skin neither admitted nor denied the SEC's findings.

Nu Skin Enterprises presents its anti-aging personal care products and nutritional supplements to global markets under its Nu Skin and Pharmanex brands.

It offers a range of products, including ageLOC Spa systems, ageLOC Transformation anti-aging skin care system and ageLOC Tru Face Essence Ultra anti-aging skin care serum.

Nu Skin markets itself as a premier anti-aging company, committed to providing quality skin care and nutrition products, and is a global brand with operations in Greater China, South East Asia, Pacific, the Middle East, North America, Latin America, Africa and Europe.

The company has not made an announcement on the Mainland China arm of its website, instead choosing to announce its advanced certification classes, aimed specifically at the German market, on 23 September.

Sales Forecasts

Headquartered in the US, the skin care products makers have also forecasted third-quarter revenue reaching the top-end of its $560 mn-$580 mn projections on China growth, reports Reuters.

Despite the SEC settlement, with predicted sales figures for Q3 set to reach the high-end of forecasts, Nu Skin is on target to achieve its future plans.

The company states that its future is focused on a clear and robust strategy that brings financial protection: Nu skin is beginning “the next 25 years with great momentum. At a time when increasing numbers of people are seeking economic security, our strategy is to provide a focused, innovative, and compelling business opportunity, with particular emphasis on our anti-aging product platform and distributor compensation​”, says Truman Hunt, President and CEO of Nu Skin on the company’s website.

We’ll continue to be a beacon of innovation and integrity, setting the standard for others to follow as we demonstrate our difference through our people, product, opportunity, and culture​,” he adds.

In June, the company’s Q2 revenue was also up, with results 3 per cent higher than the high-end consensus projections indicated.

These results showed positive growth, despite the company’s agreement in February to pay $47 mn to settle a lawsuit that alleged Nu Skin operated a pyramid scheme in China and had made false and misleading statements about its company operations.

On 22 September, Andrew Lipman, a director of Nu Skin Enterprises sold 30,000 shares of the company’s stock at an average price of $64.13, for a total transaction of $1,923,900 mn.

Social Responsibility

Founded in 1984, Nu Skin Enterprises’ mission is to ‘improve people’s lives—through quality products, rewarding business opportunities and an uplifting and enriching culture’.

Shortly after, the company set up Nu Skin Force for Good Foundation, an official foundation, to promote support for children. It prides itself on setting up now hundreds of humanitarian projects supported in more than 50 countries.

The organisation is involved in a host of community involvement projects, including United Way Day of Caring, Provo Food and Care Coalition, Force for Good Day and Children with Cancer Christmas Foundation, to help the surrounding community.

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