Modern Beauty Salon Holdings Limited, one of the leading providers of comprehensive beauty and healthcare services in Hong Kong, announced its first major mainland China expansion initiative with the signing of a Memorandum of Understanding to jointly operate a large-scale beauty salon in Shanghai.
According to the memorandum, Modern Beauty will own 60% stake in a joint venture company, Shanghai Regent Fitness Limited and prepare to invest HK$9 million as working capital for the joint venture.
The joint venture also plans to open four more centres in Shanghai before the end of 2006.
Under Modern Beauty's management, Shanghai Regent will operate the first large-scale spa and beauty centre in prime location of Chang Ning District in Shanghai with gross floor area of over 40,000 sq. ft, one of the largest beauty salons in Shanghai.
The salon will officially open in around June 2006. The salon will offer a full range of beauty and healthcare services including beauty and facial treatment, spa and massage, fitness facilities and sales of the company's branded products "be". Modern Beauty will contribute its operational expertise and brand name to build up the salon's business.