KUALA LUMPUR: Beauty and wellness firm Beauty & Co plans to go for an initial public offering (IPO) in the next five years to make the company sustainable over the long term.
Targeting the main market of Bursa Malaysia, founder and chief executive officer Yap Yann Fang said currently the company is growing by over 60 per cent in revenue and has expanded to six outlets throughout Klang Valley.
"We will continue to grow organically and monitor the market demand as we go forward," she said during the Selling with Love event today.
According to McKinsey, the global beauty and wellness market was estimated to be valued at more than US$1.5 trillion, with annual growth of five to 10 per cent.
Meanwhile, Beauty & Co is driving efforts to spread ethical selling awareness and raise industry standards.
Yap said that to help with this movement, the company needs to band together with its peers for a larger impact.
"The principles of selling with love encourage businesses to be strategic about their long term goals in the industry.
"Understanding their target market and what attracts the segment will allow the business to build effective products, minus the gimmicks.
"This is complemented by integrating tools and processes that work for business.
"Finally, it is important to be authentic, transparent and love what one does, as this will become evident to customers whilst driving revenue," she said.
She said that despite the rise of the beauty and wellness industries, gimmicky hard selling methods, emotional blackmail, and body shaming are common negative tactics used to draw in sales.
In the process, these strategies pressure and intimidate the customer, leading to sales but drawing negative rapport for the industry.
According to the Consumer Association of Singapore, the beauty industry received the highest consumer complaints compared to other industries.
The industry's use of aggressive sales tactics, among others, was cited as a factor.
Beauty & Co held the Selling with Love event in partnership with Jason Marc Campbell, an international speaker and author of the book Selling with Love: Earn with Integrity and Expand Your Impact.