Novena Global Lifecare, 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 innovation 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.
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).
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.