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Best World clinches direct-selling status in China
BEST World International has received recognition in China as a direct-selling company, which will allow the conversion of an existing network of spas and salons into distributors and service centres.
The official recognition was granted after an audit of Best World's nine service outlets in Hangzhou, and allows the company to conduct direct selling in the Chinese city. The lifestyle products company plans to expand its direct selling licence to other regions in China.
Before the direct-selling authorisation, Best World operated in China under an export model, moving its products through agents. The licence is not expected to have any material impact on net tangible assets or earnings per share for 2016.
"We look forward to realising the fruits of our labour in the China market and remain cautiously optimistic of our growth prospects in the next five to eight years," Best World group chairwoman and president Doreen Tan said.