Nu Skin Enterprises, one of the world's top five direct-selling companies, expects its sales in China to exceed $1 billion this year and to achieve five-fold growth in the coming five years.
The anti-aging product developer, manufacturer and seller is eyeing opportunities brought by China's aging society and growing individual incomes, according to Vincent Cheng, regional vice-president of West & North Mainland, Nu Skin Greater China.
"We have full confidence of reaching that goal," he said, adding that his company had planned to increases sales to $1 billion in 2014 from $200 million in 2009.
"We will realize that $1 billion barrier earlier than planned. Within our next five-year plan, we think getting five times that growth is reasonable," said Cheng.
To support the plan, Nu Skin was just launched a regional headquarters in Shanghai with total investment exceeding 350 million yuan ($56.55 million).
The headquarters is for the Chinese mainland, Hong Kong, Macao and Taiwan, and is the company's first regional headquarters outside its home market, the United States.
The facility is composed of a research and development center, a customer experience center and manufacturing facilities.
"It can support 10 times the current growth of Nu Skin in Greater China," said Cheng.
China had 186 million people over the age of 60 by the end of 2012, or 14.3 percent of the population.
Apple CEO apologizes over China warranties
Nokia closes its flagship store in Shanghai
The 10 most expensive houses in China
$52 million super luxury yacht
The many stories behind Apple's bite on its logo
Looking abroad for a new home