SOKO Fitness & Spa Group Inc. operates fitness centers, beauty salons and spas in Northeastern China and suburban Beijing. The company today announced it has inked a five-year cooperation and revenue-sharing agreement with Bin Xian Vocational Technology and Education Center in suburban Harbin, China.
Per the agreement, SOKO will provide products and personnel to Bin Xian to support its two-year training and education programs for skincare, hair styling, cosmetology and facial treatments.
Revenues from tuitions will be shared 60 percent by Bin Xian and 40 percent by SOKO, correlating with responsibilities of operating expenses. Revenues from sales of products to students, as well as the associated product costs, will be shared equally by the two companies.
While SOKO said it does not expect the revenues from this venture to add materially to its top-line revenues, the company said it believes the agreement will allow it to generate further awareness of its brand name in China’s spa and beauty market.
“This agreement with Bin Xian presents a great opportunity for SOKO to build greater awareness of our education offering. We believe the partnership is an ideal complement to our Harbin Queen Beauty Vocational Skill Training School and a natural step in the continued execution of our growth strategy. We believe that the partnership with Bin Xian will allow us to leverage our existing resources to develop an important tool through which to seek out and recruit the next generation of fitness and beauty center employees,” Tong Liu, CEO of SOKO stated in the press release.
Bin Xian’s classes using SOKO’s products will begin in June 2011.
For more information visit http://www.sokofitness.com
Let us hear your thoughts below: