How to get ahead in China medical beauty deals

Beauty salons are attracting investors across Asia but high valuations should not be taken at face value given the low-barrier to entry in the aesthetic sector.

Demand for treatments such as Botox, skin lasers and double eyelid surgery is soaring across Asia as the region’s burgeoning middle class spends more on looking good.

Investors are dubbing the “appearance economy” one of their top targets for the year. Private equity firm Bain Capital’s $830 million bid for South Korea’s Hugel is one of the largest deals by dollar amount so far.

However some early-stage investors are calculating that Korean and Taiwanese beauty salons are already well established and awash with capital, so they are looking to enter the potentially enormous but more risky Chinese market.

A Chinese chain of beauty...

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