Novena Global Lifecare expands into personal care device market with up to S$20 million investment of Chinese startup, DOCO

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 innovati on 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."