Beauty Industry’s Largest Acquisition to Date in 2024, Beauty Farm Acquires 70% of Naturade, China’s Second-Largest Industry Player


(March 27, 2024, Hong Kong) Beauty Farm Medical and Health Industry Inc. (“Beauty Farm” or the “Company”)(02373.HK), one of China's largest beauty and wellness service providers and aesthetics medical brands, is pleased to announce its acquisition of a 70% equity interest in the core assets of Naturade Health Consulting Co., Ltd. (PRC) ("Naturade"), for a consideration of RMB 350 million.


The acquisition includes a total of 80 beauty and wellness service stores, six aesthetic medical clinics and two Chinese medicine outpatient clinics under the Naturade brand. This transaction represents the largest beauty industry acquisition to date in 2024.


Naturade, founded in 2007, is the second-largest beauty, body care, and healthcare group in the Chinese market and the largest beauty brand in the Guangzhou-Shenzhen region. For the year ended December 31, 2023, Naturade's revenue and net profit were approximately RMB514 million and RMB33 million, respectively.


The Company believes that the acquisition’s benefits include:


First, it solidifies and increases the Group’s market share in the beauty and wellness industry: According to a Frost & Sullivan industry report, the Beauty Farm and Naturade brands are the largest and second-largest providers of traditional beauty services in China, respectively, as measured by revenue in 2021. Upon completion of the acquisition, the Group’s beauty and wellness industry market share is expected to increase significantly. The Acquisition will also enhance the Group’s market influence and competitiveness, further consolidating its leading position in the industry.


Secondly, it will increase the Group’s profitability through membership base expansion and ‘Tri-Beauty Model’ synergies: The Group’s continuously expanding active membership base is the foundation of its success. Upon completion of the acquisition, the number of the Group’s active members will grow significantly, enriching the Group’s membership assets substantially. Going forward, the Group will apply its unique “Tri-Beauty” business model to provide beauty and health management services covering customers’ full lifecycle to this enlarged member base, thereby further expanding the Group’s revenue and profit scale. In 2023, Naturade achieved revenue of RMB514 million and net profit of RMB33.4 million.


Thirdly, it will realize coverage of the Greater Bay Area to extend regional advantages: Rooted in China’s most important metropolitan areas, the Group has constructed leading regional influence and competitive barriers in 23 directly operated cities, including Shanghai and Beijing. The Naturade brand has deep roots in the Greater Bay Area, particularly in Guangzhou and Shenzhen. Upon completion of the acquisition, the Group’s number of direct stores in Guangzhou and Shenzhen will increase by 88 stores, expanding the Group’s advantageous regional reach within two major cities in the Greater Bay Area and solidifying the Group’s strategic roadmap of Tri-Beauty businesses in the Greater Bay Area.


Fourthly, it brings complementary products and services covering customers’ full-lifecycle beauty and wellness needs: Naturade’s products and services are grounded in traditional Chinese medicine and Eastern beauty and healthcare concepts, featuring a series of industry-leading intelligent healthcare services tailored to Chinese women’s physiques and preferences. Its services will complement those offered by the Group under the Beauty Farm brand, empowering the Group to more comprehensively meet increasingly sophisticated consumer demands and changing market trends.


Lastly, it capitalizes on the Group’s rich experience in acquisition and integration to amplify scale effects: The Group has successfully completed over 20 acquisitions in the beauty and wellness industry since 2014 with extensive integration experience. Upon completion of the acquisition, the Group will leverage its industry-leading position to achieve economies of scale, explore opportunities for value chain resource integration, and boost its negotiating power across the supply chain. At the same time, the increase in revenue will dilute the Group’s middle and back-office costs, which will further enhance returns for its shareholders.



For more details about the acquisition, please refer to the announcement linked here.




About Beauty Farm

Beauty Farm Medical and Health Industry Inc. is a leading beauty and health management platform in China. Beauty Farm developed a unique business model in the past 30 years, the dual-beauty model, covering customer beauty and health needs along their lifetime cycle. We offer a diversified service matrix, including beauty and wellness brands Beauty Farm, Palaispa,  and Naturade, aesthetic medical brand CellCare, and subhealth medical services brand Neology. Our nationwide store network reaches over 100 cities with near 500 stores and serves millions of mid-to-high-end customers in top-tier cities in China.


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Beauty Farm Medical and Health Industry Inc.

Vivian Lu

Tel: +86 (21) 6095-3299



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Jenny Cai

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Brandi Piacente

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