Miricor’s Revenue Increased by 27.3% in FY2023, with Significant Increase in Revenue and Footfall of CosMax+ and VITAE

(26 June 2023 – Hong Kong) Miricor (stock code: 1827) announced its consolidated results for the year ended 31 March 2023. Despite the impact of the fluctuating COVID-19 pandemic, the Group’s revenue increased by 27.4% year-on-year to HK$463.1 million. The Group’s medical aesthetic centres were closed for 20 days as a result of the government’s pandemic containment measures. Yet, the treatment centres and skincare retail outlets recorded notable growth in footfall and revenue, showing the Group’s business resilience and leading market position with its services and products being well-recognised by the market.

 

During the Year under review, Hong Kong’s economic environment remained challenging. However, Miricor did not pause its step while constantly reviewing and adjusting its business operation. In fiscal year 2023, it achieved a record high in revenue and maintained strong cash flow. Its core brand, CosMax+, has maintained a leading position in the premium medical aesthetic industry. With an expansion in its stores and product lines, the brand’s business performance has been increasing steadily. Within three years of establishment, VITAE has successfully become the light medical aesthetic brands in the heart of the middle-and-high income women. Its customer base has also continued to grow. In face of the massive female consumer market in the mainland China, Miricor has strategically partnered with Sephora, an international renowned beauty product retail group, to stage its signature product, XOVĒ, across the mainland China market. XOVĒ is currently selling at over 150 Sephora stores and is expected to cover the entire Sephora distribution channel in 2023. Riding on the market recovery, Miricor is well-prepared to further explore the medical aesthetic market in Hong Kong and penetrate into more cities in mainland China. With the strong growth momentum of its major business segments, the Group is expected to gain economies of scale, increase revenue and profit contribution, and create values for both customers and shareholders.

 

XOVĒ is a premium skincare product line developed by a team of Swiss skincare experts. As of 31 March 2023, the Group had 10 retail stores in first-tier shopping malls in Hong Kong and promoted and sold its products online through various platforms in Mainland China and Hong Kong. XOVĒ officially landed Sephora in mainland China in January 2023. With more than 350 stores across Mainland China, Sephora has provided an excellent platform for the Group and XOVĒ to raise brand awareness. The first three month of product launch at Sephora was encouraging as XOVĒ ranked among Sephora’s best-selling beauty brands in Mainland China, marking a significant step forward for the brand and the Group’s growth in the country.

 

In addition to XOVĒ, Miricor operates three CosMax+ medical aesthetic centres and three VITAE treatment centres. CosMax+ situate in prime and strategic locations in Hong Kong, enabling it to attract and build a diverse customer base. All devices and treatments have been clinically evaluated by doctors before adoption to ensure the provision of safe and high-quality customised treatment services. In April 2022, CosMax+ expanded its Central branch and relocated the store to New World Tower. The brand also introduced new medical aesthetic equipment and products, including SofwaveTM, to provide more diversified treatment services. Adhering to the service philosophy of “maintaining an optimal balance between beauty and health, so that customers have beauty that emanates from within”, VITAE recorded a steady increase of customer base during its three years of operation. Observing the growing market demand for facial contouring treatments, the brand upgraded its FaceGymTM treatment in November 2022. Thanks to the Group’s continuous efforts, it recorded an increase in the number of customers, footfall and revenue of the two medical beauty brands, demonstrating its business resilience.

 

Looking ahead, Miricor will further capture more market share by enhancing brand awareness and acquiring new customers. The Group plans to launch brand new XOVĒ product series to attract potential customers. It will continue to optimize the interface and operation process of the official website to improve user experience and further deepen its omni-channel advantage. In addition, the Group is considering further expansion of the business area of CosMax+ to provide a spacious and comfortable area for customers, making it more appealing to customers. With the government’s economic stimulus measures, consumer confidence has continued to improve, and the number of tourists visiting Hong Kong has gradually increased. The Group is optimistic about the local market and future economic recovery. Leveraging its good reputation and loyal customer base, the Group is confident to maintain its leading position in the market, further increase business growth, creating returns for customers, shareholders and long-term values of stakeholders.

  

About Miricor Enterprises Holdings Limited

Miricor Enterprises Holdings Limited is a premium medical aesthetic services and products provider in Hong Kong and has three medical aesthetic centres operating in prime locations in Causeway Bay, Central and Tsim Sha Tsui under its brand, CosMax+. It offers a broad range of non-surgical medical aesthetic services and skin care products to clients with an aim to improve their skin conditions as well as to enhance their physical appearance. Launched in 2020, the Group operates three treatment centres under its brand, VITAE. The brand emphasises the need to maintain an optimal balance between beauty and health, so that customers have beauty that emanates from within. XOVĒ is a premium skincare product line developed by a team of Swiss skincare experts. In addition to meeting the daily skin care needs of customers, it can also be used with the treatment services provided by the group to achieve better results. As of 31 March 2023, the Group had 10 retail stores in first-tier shopping malls in Hong Kong selling XOVĒ. In January 2023, XOVĒ officially launched at Sephora, an internationally renowned beauty product retail group, in Mainland China.

 

For more information, please visit Company website: www.miricor.com