- Amidst challenging times, Novena Global Lifecare has announced an up to S$20 million strategic investment into DOCO, a technology and design innovation oriented beauty personal care brand in China
- Novena Global Lifecare ("NGL") aims to be on the forefront to create an ecosystem of services and products, enabled by Internet of Things and Robotics
- Under Novena Global Lifecare group of companies’, Novena Life Sciences, the venture with DOCO looks to ship an expected over 1,000,000 units in the next eighteen months globally
SINGAPORE, June 3, 2020 /PRNewswire/ — Novena Global Lifecare (the "Company"), one of the world’s largest integrated medical healthcare and specialty clinics with over 250 locations in 20 cities has increased its foothold further with a strategic investment of up to S$20 million strategic investment into DOCO, a technology and design innovation oriented beauty personal care brand in China.
Founded in 2018, DOCO has successively launched products such as Smart Sonic facial cleanser tool, beauty instruments and beauty mirrors. Its first product "smart sonic facial cleanser" with its compact outlook is able to detect skin condition to calibrate itself to user’s needs.
The product has won iF Design award in Germany for consecutively in 2019 and 2020. Launched last year by Xiaomi and is now ranked top in the beauty category on Xiaomi E-platform and one of the best sellers in skin care category on top beauty platforms such as JD.com, T mall, Sephora and Afiona.com. It is also sold in over 200 beauty stores.
CAPITALISING ON INTERGRATION
Singapore-owned Novena Global Lifecare under its subsidiary, Novena Life Sciences, melds its strength and expertise with DOCO to break further into the burgeoning beauty device market. In 2018, the global beauty device market was valued at USD 39.1 billion in 2018 and is expected to reach USD 107.2 billion by 2024. The beauty devices market is poised to grow at an annual growth rate of 18.4% during the forecast period (2019-2024).
To date, Novena Life Sciences boosts over 100 points in beauty, aesthetics and medi-spas in China and will pave the way for assessing this vast market. In turn, DOCO will serve to complement the company’s service offerings with home product extensions – thereby capitalising on the uptake in demand for home use beauty solutions during the global pandemic.
Furthermore, Novena Global Lifecare will provide medical insights alongside DOCO’s commercial product development expertise to accelerate the launch of professional and tech-driven products in the beauty equipment and personal care tools markets for China and the Asia-Pacific region. Its deep knowledge of medical procedures and background in life science research also empowers the implementation of safe and beneficial product development, and propel the creation of bespoke beauty solutions.
Nelson Loh, Co-founder of Novena Global Lifecare says, "The new venture with DOCO brings an exhilarating time for Novena Global Lifecare. We invest in the potential in DOCO as it is led by Xiao Zongwei, its founder alongside his team, whose experiences in consumer electronics product design and development range from Xiaomi, Longqi (Meitu app), Tencent and Baidu.
DOCO has also shown its success in recent launches such as the likes of T-mall in China, in addition to expanding globally in US, Canada, Europe and EU countries with an expected forecast to ship over a million units in the next eighteen months.
The future of the beauty industry will be a multi-brand matrix, and the service scene will not be limited to in-store. As user demand increases, the consumer touchpoints from home maintenance to in-store care to cosmetic-medical industry, all of which has broad prospects and opportunities. This is seen now as beauty and personal care products market continually sees with double digit growth year on year. "
Plans are already ahead with DOCO to develop professional high-end home beauty devices. Novena Global Lifecare believes that compared with large medical beauty equipment, beauty appliances can more easily meet the daily needs of users and achieve rapid iteration. DOCO has also cooperated with Stark, a brand of Weixing Medical Technology, to jointly launch hair straighteners, hair dryers, hair clippers, razors and other hair care products and has launched its first collaboration in Mid-May.
HARNESSING & ENHANCING R&D CAPBILITIES
Terence Loh, Co-founder and CEO of Novena Global Lifecare adds, "The venture aligns our vision to redefine the new parameters of change, using technology to evolve Novena Global Lifecare to be a provider in the Internet of Things (IoT) and Robotics but also proves to be an fitting extension to both our medical healthcare and aesthetics business channels as we strive to create a seamless and integrated network of services & products for our customers.
The strategic investment cooperation with DOCO is also an important for the group to improve the R&D capabilities. DOCO has accumulated material in hardware research and development, and channel expansion. Novena Global lifecare has more than 10 million users and has accumulated a large amount of data on skin, hair and care needs, with accurate user demand models. Through the integration of resources, the two parties will aims to propel new product innovations and plan to extend into areas such as professional beauty care, and even into home-use of medical and aesthetic technology based on R&D capabilities and patented technologies."
The convergence of technology, lifestyle and beauty is even more apparent today as the foreseeable low touch economy continues, Novena Global Lifecare aims to drive smart design to provide precision and empower consumers to create their own experiences and products though technology.
DOCO, as a new generation of young brands in China will hope to grow with the strength of the Chinese market and its world-class product design and scientific research capabilities. With the addition to the Novena Global Lifecare network, there is high hopes that DOCO will win a place in the beauty and personal care market in China and the Asia-Pacific region."
About Novena Global Lifecare
Novena Global Lifecare (NGL) is one of the largest integrated medical healthcare and aesthetic groups regionally with presence in Singapore, mainland China, Hong Kong, South Korea, Taiwan, Indonesia, India and Malaysia.
Founded in 2010 by former investment bankers and cousins Terence and Nelson Loh, the group’s network is now in 250 locations in over 20 cities and drives a multi-million revenue portfolio that provides lifecare management solutions from health screenings, day surgery centres and aesthetics clinics tailored to Asian demographics to help customers in their journey of well-being across their life stages.
NGL has established a track record of more than 8 million procedures performed worldwide and over 2 million patients in its Pan Asian patient database. Founded in 2016, NGL is the first medical aesthetics group in the world to integrate in-house medical equipment manufacturing, CRM data analytics, and research and development and sells its line of skincare products in some 1,000 points of sale in the world. NGL’s subsidiaries include Novena Life Sciences is the largest enterprise health screening provider in Taiwan which carries out corporate health screenings.
With the recent pandemic, Novena Global Lifecare established a new business unit to focus on PPE medical supplies and has been appointed by the various Government’s Coronavirus task force to support with both sourcing and compliance management across a number of medical PPE supplies including invasive ventilators, PPE masks and Covid-19 Test kits.
Visit www.novenagloballifecare.com for more details.
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