Singapore’s Novena Global Lifecarehas completed its $350-million merger with Xingkeduo, an express hairstyling business with nearly 100 stores in China’s first- and second-tier cities and a China-wide e-commerce platform.
The merger provides Singapore-owned Novena Global Lifecare with access to Xingkeduo’s internet technology and physical network of nearly 100 stores, which will now be complemented by the former’s medical aesthetic expertise through its NOVU Aesthetics brand.
This merger will also see an accelerated expansion of NOVU and Xingkeduo brands in China, as plans are underway for the creation of a one-of-a-kind hybrid store format offering complementary medtech-based aesthetic and hairdressing solutions driven by artificial intelligence (AI), as well as generate cross-selling opportunities for both brands.
The new company’s English name will remain as Novena Global Lifecare. The merged entity will manage the expansion of the NOVU and Xingkeduo brands in China and in the Asia Pacific region.
DORR Group and Novena Global Lifecare’s executive chairman and co-founder Nelson Loh will serve as Novena Global Lifecare’s chairman. At the same time, while DORR Group and Novena Global Lifecare’s CEO and co-founder Terence Loh and Xingkeduo’s founder Willy Chuang will be appointed co-CEOs of Novena Global Lifecare.
Founded in Beijing in 2015, Xingkeduo combines hairdressing with online-to-offline commerce using internet technology for online order, queue reservations in the cloud, with the actual hairdressing services provided in the shop.
“With Novena Global Lifecare’s participation, we are confident that we can grow our combined business exponentially in China and beyond,” said Xingkeduo’s founder Willy Chuang.
“We analysed the prospects of the service industries and the healthcare sector, and we believe that the future unicorns will be multi-brand matrices,” Chuang said. “The customer experience will not be limited to the store, but consist of a seamless online-to-offline experience, covering a full range of on-demand products and services, including customised aesthetic and medical solutions.”