Special interview
Written by: Kwong Yueting
2021-01-04 07:31
Last update date: 2021-01-04 07:31
Since the outbreak of the new crown pneumonia epidemic, local beauty salons have been forced to suspend business three times. In addition to the loss of business in the peak season at the end of the year, many "greedy" people have also been unable to "dress up".
However, Bishou Station (1830) is still optimistic about the prospects of the industry without fear of the epidemic, because of the nature of people who love Meimei.
The company’s Chief Financial Officer Su Xianlong believes that with the gradual application of vaccines to the market and the high awareness of Hong Kong people’s protection, it is estimated that the fourth wave of the epidemic will gradually ease in the future, and people will be more keen on shopping and consumption. "So there will be retaliatory consumption!" He believes that the market will return to the pre-epidemic level by mid-2021 at the earliest. Therefore, the company holds an optimistic and positive attitude towards the future market and strengthens staff training and training during the suspension period. Refurbish the facade; develop specialized pain medical services and actively expand overseas business.
According to the information on the official website of Bishou Station, the company currently has 8 branches in Hong Kong.
(Respondents provide pictures)
Beshou Station was established in 2003. Currently, it mainly provides slimming services and non-invasive medical beauty services. Nearly 90% of the company's customers are women, and the customers are about 30 to 60 years old.
Under the raging epidemic, citizens wear masks every day, and beauty salons need to be closed for a few days, dragging down the mid-term net profit of Bishou Station to drop 44% year-on-year to 136 million yuan; revenue also fell 28% to 510 million yuan.
Su Xianlong said that the Hong Kong business was closed for 40% of the time last year, which affected the company’s business. However, the lost turnover during this period will be restored immediately after the reopening. For example, after the company reopened in October, the overall sales contract performance of the month Year-on-year growth of 31%, and the overall sales contract performance (including package sales) of the "Double Eleven Shopping Festival" in the first 11 days of November increased by 44.2% year-on-year.
He explained that since customers have reduced their outings and cannot travel abroad, they have accumulated a certain amount of purchasing power, and they will also be more comfortable with their money.
"To put it simply, there were 12 months last year, and the real business may only be 9 months, but within 9 months, 12 months of business can be recovered!"
Men are also greedy!
Beshou said that 10% of the CFO bursts into the three most popular treatments
Employees "sell fakes" to the company to "realize" commissions
Concentrate your business throughout the year within 9 months. Are you afraid that you will not be able to make an appointment for treatment after purchasing the product?
Su Xianlong explained that the branch of Beshou Station has a large area and there are enough rooms for guests to book treatments. For example, the flagship store in Causeway Bay has an area of more than 20,000 square feet, and the flagship store of Langham Place has more than 50,000 square feet.
At the same time, in order to protect the customers, the staff must receive the commission after the customer has finished the treatment. The common practice in the market is that the sales staff can immediately receive the commission after the customer makes a purchase.
Therefore, after the reopening of the beauty salon, employees have completed their accumulated work as soon as possible, and even sold their holidays to the company to obtain more commissions.
At the same time, the company will open 3 pain specialist treatment centers in the second half of the fiscal year, namely Causeway Bay, Mong Kok and Yuen Long, to expand the scope.
Bishou Station Chairman Dr. Ouyang Jiang quoted data from the World Health Organization as saying that there are more than 1 million adults in Hong Kong suffering from pain, and 1 out of 5 people have low back pain. The size of the local beauty market is about 60 to 80. There are more than 10,000 people and the competition is fierce. Therefore, the pain specialist treatment market has huge potential. In addition, the existing market participants are independent physical therapists, doctors, etc., who mainly use methods for treatment, but the company can use American medical-grade equipment as Assist, improve the effect of treatment.
"A device sells for hundreds of thousands to over one million yuan, and the entry barrier is high, and it is not affordable by physical therapists." He hopes that in the future 80% of the company's business will come from the medical beauty business; 20% will come from pain Specialist business.
Su Xianlong believes that the global economy will slowly recover in the future, so he believes that now is the right time to expand business.
(Photo by Zheng Zifeng)
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After guarding the local market, the next step is to attack overseas.
Seeing the decline in shop rents in many places around the world, Su Xianlong said that the company will increase its efforts to expand overseas business and enter the United States, London, Singapore, Indonesia and other places. It is hoped that within three fiscal years (that is, fiscal years 2020, 2021 and 2022), "Double-fold" the total revenue in fiscal year 2019, and Hong Kong, China and overseas businesses will each account for one-third of the total revenue.
He said that when the company selects overseas markets, it tends to enter countries where there are no competitors, such as Vietnam, Indonesia, Thailand, etc. There are no beauty companies to provide non-invasive medical beauty. In addition, wealthy countries are also the company’s target market, because they are not. Few people don’t want to take too much risk for cosmetic surgery, and the company’s non-invasive medical beauty services have no permanent effect. Customers have to "regularly repair", "inject Botox and fillers, and they will have to be repaired in about half a year to 9 months. Plastic surgery is a one-off. There will also be cases of failure. 95% of people want to be beautiful, but don’t have the courage to undergo plastic surgery. These are our business opportunities!"
Ouyang Jiang added that now the rents of shops in various places are at a low level and the unemployment rate is high. It is easier to recruit people. The company has 900 million yuan in cash on hand and has certain resources to cooperate. Therefore, it is the right time for expansion.
As people in Britain, the United States and other places begin to vaccinate, the medical community estimates that one-third of the world’s population will be vaccinated before the middle of this year. Only two-thirds of the world’s population will be vaccinated before 2022. Can achieve herd immunity.
Therefore, he is confident that the global economy will slowly recover. If he expands overseas business after the economy recovers, he will miss a good opportunity.
Su Xianlong said: "Women invest in their own faces, just like men invest in stocks and buy real estate. They are all investments. Women do not want to accept the fact that they are not beautiful when they are older, so this is an eternal market. "In addition, the company is also looking for opportunities for acquisitions and mergers, and tends to acquire companies with similar businesses, and needs to conform to the concept of the Beshouzhan brand.
Bishou Station Medical Beauty