Accrelist acquired a chain of four Refresh Laser Clinics for S$4.0 million, entering the aesthetic medical services business, with plans to expand the network using its crowdfunding platform, WE Crowdfunding, it said on Monday.
“The diversification into the aesthetic medical services sector is in line with the group’s strategy to broaden its revenue stream and provide shareholders with diversified returns,” Terence Tea, Accrelist’s executive chairman and managing director, said in the filing to SGX after the market close on Monday.
“We believe that the aesthetic medical services sector has significant long-term growth potential both in Singapore and overseas as the population ages and demand for wellness products and services continue to rise,” he added.
Accrelist noted the four outlets were located in Singapore shopping malls with high footfalls: Lot One Shoppers’ Mall, SingPost Centre, Toa Payoh Central and Bedok Mall.
In addition, Accrelist plans to use its WE Crowdfunding platform to gain potential third-party investors to expand the aesthetic clinic network, it said.
“Plans are in place to increase the number of aesthetic medical clinics within the next three years both organically and through the acquisition of other aesthetic medical clinic chains to gain market share,” Accrelist said, noting it was also looking at expanding the business overseas.
Statistics Market Research Consultancy data indicated the global aesthetics laser market was around US$5806 million in 2016 and it was expected to reach US$1.29 billion by 2020, or a compound annual growth rate (CAGR) of 14.3 percent, according to a Refresh Laser Clinic presentation.
That presentation also cited data from marketsandmarkets.com showing that the global medical aesthetics market would be worth US$13.29 billion by 2021, or CAGR of 10.3 percent.
“Its growing popularity has been fueled by image conscious consumers, increased social acceptance and popular culture influences,” Accrelist said.
The Refresh Laser Clinics provide services related to acne, acne-related scaring, pores, wrinkles and pigmentation, as well as botox and chemical peels, it said.