Sunday, December 5, 2010

Osim to Have 100 "Rich Life' China Outlets End 2010

In an interview with Bloomberg, Peter Lee, CFO at Osim International Ltd, Asia's biggest maker of massage chairs outside Japan, talked about the recent financial results for his company and the business strategy in China

Osim has announced a 3rd quarter profit increase of 86% to $13m.

In the recent financial results, Osim announced the following:

"We expect product innovation and our competitive position to continue to create higher consumer demand in the coming quarters.

We launched uSoffa Petit and uSoffa this year with international celebrity Lin Chi Ling to strong market reception. uMama Warm also performed above expectations.

In China, we are in 40 cities, have 251 OSIM outlets and plan to open another 20 to 30 outlets in Q4 FY 2010. We continue to enjoy strong sales and with more new products being introduced, we expect this market to contribute positively.

Our GNC outlets are doing well and we are building RichLife outlets, a new brand in China which will create a new profit stream. We have 69 RichLife outlets. We are targeting to have 100 RichLife outlets by end of this year. We are collaborating with GNC to carry their products in our RichLife outlets.

The consumer market in China is expanding. After 16 years in China, OSIM is able to leverage on its experience and contacts to ride on the increasing wealth of and consumer demand from the middle class."

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