Nu Skin Enterprises Inc. (NYSE: NUS) was founded in 1984 and is headquartered in Provo, Utah, with 32,250 employees worldwide. It is one of the largest and fastest-growing direct selling companies in the world, with operations in the Americas and Europe , Asia, Africa and the Pacific region and more than 60 markets.
Nu Skin (NUS):
In 1984, Mr. Luo Baili, together with like-minded partners such as Lun Zhaoxun and Dai Chundi, started with US$5,000 and established a company that only creates and develops products containing 100% beneficial ingredients for the skin, creating a Nu Skin business. From the initial production of personal care products with the appeal of “combination of high quality and pure and flawless”, to today’s nutritional supplements and its enriched and positive culture of kindness, not only has countless people live more meaningful lives, but also the quality of life. Nu Skin has now spanned more than 60 markets around the world and has more than 800,000 sales (direct sales, non-full-time employees) personnel worldwide.
Memorabilia of Nu Skin Group:
- In 1984, Nu Skin Group was founded with US$5,000 capital.
- In 1991, as many as six states’ judicial authorities launched investigations into Nu Skin on the grounds of exaggerating sales profits, multi-level development of distributors, and false publicity.
- In 1992, Nu Skin lost money and reached a settlement with five states to avoid allegations. At the same time, it took the following measures: including modifying its promotional methods and refunding 90% of the purchase price to sales staff.
- In 1994, Nu Skin was investigated by the US Federal Trade Commission (FTC) for exaggerating product efficacy and distributor profits. Nu Skin paid a fine of $1.23 million.
- In 1996, it was officially listed on the New York Stock Exchange in the United States with the stock code “NUS”.
- In 1996, the Nu Skin Power Foundation was established.
- In 1997, the US Federal Trade Commission FTC again accused Nu Skin on the grounds that it had falsely promoted products that promote muscle growth and weight loss. Nu Skin once again paid 1.5 million US dollars in fines to the US Federal Trade Commission.
- In 1999, it acquired Big Planet, which specializes in high-tech products.
- On January 8, 2003, Nu Skin Group officially entered China.
- In 2006, sponsored the Eden Foundation 1.5 million yuan to open the Nu Café love store.
- In 2006, obtained a direct selling license in China.
- On July 16, 2007, the Bureau of Industry and Commerce of Nangang District, Harbin City filed an investigation into the Heilongjiang branch of Nu Skin, on the grounds that Nu Skin was suspected of MLM.
- In 2008, the Greater China region established the “NU SKIN Nu Skin Chinese Children’s Heart Disease Fund”; in cooperation with the China Foundation for Poverty Alleviation, the “NU SKIN Nu Skin 5.12 Microfinance Fund” was established.
- In 2011, it acquired LifeGen Technologies.
- On August 7, 2012, Citron Research (Citron Research) issued a short selling report, in which it alleged that Nu Skin was involved in MLM in China.
- On October 17, 2013, Citron Research (Citron Research) issued another survey report, in which it alleged that Nu Skin had revealed its insider MLM in China.
- In 2013, he was awarded the first place in the direct selling industry in the “Gold Medal Service Awards” by CommonWealth Magazine.
- From January 15 to 17, 2014, the People’s Daily published consecutive articles criticizing Nu Skin for suspected illegal marketing methods.
- On January 16, 2014, Harwood Feffer LLP announced an investigation into Nu Skin Group.
- On January 17, 2014, China’s State Administration for Industry and Commerce (SAIC) stated that it would investigate Nu Skin’s alleged MLM in China.
- On January 25, 2014, Glancy Binkow & Goldberg LLP announced that it would initiate a class action lawsuit against Nu Skin Group on behalf of investors, on the grounds that Nu Skin was involved in MLM in China and harmed the interests of investors.
- On March 24, 2014, the State Administration for Industry and Commerce announced its findings on Nu Skin.