Market research firm Euromonitor has released its latest report on beauty and personal care in Hong Kong, which reveals that the industry has seen steep decline in its growth within the country over the past year.
International skin care player, Nu Skin has been given the go ahead to begin direct selling in China's Zhejiang Province, bringing its' global presence to a total of 30 cities in 19 provinces and municipalities.
The specialty cosmetics chain has announced its' net profit to have risen to HK$357.4 million ($46.09 million) in the last six months, up from HK$282.1 million from the same financial quarter last year.
Big changes are afoot in China for cosmetics regulation, but how far changes in animal testing will go remains to be seen, says Simon Chan, executive director of the Hong Kong Cosmetic Technical Resources Centre.
This year’s Cosmoprof Asia event, to be held in Hong Kong in November, is forecast to build on the record-breaking size of the previous event, in line with the continued industry growth throughout the region.