Esthetics International's Roderick Chieng, steering EIG out of pandemic
|CHIENG FAMILY TOOK OVER EIG IN 2010 FROM FOUNDER AND TURNED IT PROFITABLE FOR A DECADE|
Esthetics International Group (EIG) is a leading chain of professional skincare salons in ASEAN and Hong Kong with 83 wholly-owned AsterSpring professional skincare salons, retail kiosks and department store counters across Malaysia, Singapore, Hong Kong, Thailand and Indonesia. EIG also develops and distributes its own skin care brands, Clinelle and Nurish Organiq and Herbacin personal care products to leading pharmacies in Malaysia and Indonesia.
The Chieng family led by the Executive Chairman, Eddy Chieng Ing Huong (63), acquired a controlling stake in EIG in 2010 when founder Melissa Chen and her husband, Lim Yee Soon disposed of their shares. Today Eddie Chieng and his two sons, Roderick (37) and Brian (35) and daughter, Janet (30) are beneficially interested in 68% of the Bursa Malaysia listed EIG's issued shares. Melissa Chen has since started her own boutique skincare chain under her namesake Melissachens Sdn Bhd.
Roderick Chieng has been Group MD/CEO since 2012 when EIG began its transformation journey which was followed through with ten years of profit and steady growth. Roderick graduated with a Bachelor of Accounting, University of Technology Sydney, Australia and is also a qualified Chartered Accountant (CA ANZ). He worked with Macquarie Capital Advisers before joining EIG. Roderick's younger brother and sister are Executive Directors of EIG.
Brian Chieng Ngee Wen, 35, graduated from the University of New South Wales Sydney, Australia with a Bachelor of Commerce. He is also a Chartered Accountant (CA ANZ). He worked with Macquarie Group Limited and Affin Hwang Investment Bank before joining EIG.
Janet Chieng Ling Min, 30, graduated from the University of New South Wales Sydney, Australia, with a double degree: a Bachelor of Commerce with Distinction, and Bachelor of Laws with First Class Honours.
The lockdowns and MCOs over the last 2 years (2020-2021) had required closure of all of the Group's skin care salons which are a major source of revenue for EIG. For FYE 31 March 2021 EIG still managed to make a profit before tax of RM2.53 million on revenues of RM129.5 million but it slipped into the red of -RM6.4 million for FYE 2022 on slightly lower group revenues of RM124.6 million. This is the first loss for EIG since the Chieng family turned around the Group and led it on a profit trajectory for a decade till the pandemic struck.
Things should look better for EIG now with the crowds gradually coming back to skincare salons.
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