China, house to the world’s second-largest variety of billionaires, has added a newcomer to that group from the cosmetics and skincare trade. Shanghai-traded shares in Proya Cosmetics closed at a file excessive final Friday, serving to to elevate chairman Hou Juncheng into the ranks of the world’s richest. Proya ended the week at 108.94 yuan, giving Hou a fortune price 7.9 billion yuan, or $1.2 billion. Listed in Nov.
2017, Proya’s income and web revenue in first three quarters of 2019 have been 2.1 billion yuan and 240 million yuan, or $306 million and $35 million, each up by almost a 3rd from a yr earlier. Most gross sales are from the “Proya” model standard amongst ladies between the ages of 18 and 24 in third- and fourth-tier China cities. Hou, 56, based Proya in 2006 in Zhejiang Province. He distributed home beauty manufacturers together with “Yue-Sai” within the 1990s. That laid the groundwork for Hou to promote his own-brand merchandise. Proya final yr arrange a three way partnership with Spanish skincare model “Singuladerm” in China; it additionally signed an settlement to promote Italian make-up model “Wycon” in 2019.
Though, at about 6%, China’s financial development final yr was at a virtually three-decade low, development in client spending helps to extend the variety of new billionaires. See associated story right here.
Different Chinese language billionaires whose fortunes are tied to the cosmetics trade embody Zhao Yan, chairman of Bloomage Biotechnology, and Solar Huaiqing, chairman of Guangdong Marubi Biotechnology.Click here for a link to the 2019 Forbes China Rich List.
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