Novena invests in haircut chain Xingkeduo
Singapore-headquartered Novena Global Lifecare has completed a US$475.4 million merger with Xingkeduo.
The merger will see an accelerated expansion of the Chinese express haircut business and Novena’s Novu Aesthetics brand in China.
The two plan to create a hybrid store format offering complementary medtech-based aesthetic and hairdressing solutions driven by Artificial Intelligence (AI).
The merger will also introduce Novu’s skincare technology to Chinese consumers, leveraging the Beauty OS system to accelerate the service upgrade of Novu stores around the world.
Novena Global Lifecare’s executive chairman and co-founder Nelson Loh will serve as chairman, while DORR Group and Novena Global Lifecare’s CEO and co-founder Terence Loh and Xingkeduo’s founder Willy Chuang will be co-CEOs.
Founded in 2015, Xingkeduo combines hairdressing with online-to-offline commerce for online orders and queue reservations. It has 100 stores in China.
Novena Global Lifecare is an integrated medical healthcare and aesthetic company with more than 100 clinics in 20 cities.