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US-based Nu Skin Enterprises, one of the largest direct selling companies in the world, Friday opened a shopping plaza in Hong Kong with an investment of 8 million Hong Kong dollars (US$1.03 million).
The Executive Vice President of the Nu Skin Enterprises, Corey Lindley, said that the company decides to open the shopping plaza in Hong Kong despite the current world economic condition because it sees significant potential in the beauty and health products markets.
"To us, this investment is a vote of confidence in the future of the local retail sector. Hong Kong provides a favorable business environment for international direct selling companies like us," said Lindley.
He added that Nu Skin would continue to expand operation in Hong Kong, providing innovative and quality products and services and high-return business opportunities to entrepreneurs here.
He said the strategy of the company is to expand local operations and educate their sales force and consumers about their products. In this way, the company is establishing a base for long-term business growth in Hong Kong and eventually in the Chinese mainland, where they see great potential.
Attending the opening ceremony of the Nu Skin Enterprises Plaza, the Associate Director-General of Investment Promotion at Invest Hong Kong, Simon Galpin, said that Nu Skin Enterprises' significant investment shows the attraction of Hong Kong as a regional center for retail where multinational companies can grow and expand their business.
"Hong Kong offers incomparable advantages to retailers, including the absence of sales tax; low and simple corporate tax; a large supply of readily available talents in retail, marketing, sourcing and distribution; free flow of goods, capital and information and a world-class transportation network," said Galpin.
Nu Skin Enterprises sells its products in 34 countries and regions throughout the United States, Europe and the Asia Pacific region. It's annual sales revenue reached US$1 billion in 2002.
(Xinhua News Agency July 11, 2003)
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