United Business Media (UBM) has expanded its events business in China with the joint acquisition of a majority stake in the Guangzho Beauty Fair.
The deal is being made with UBM’s CMP Asia division and its venture partner for Asian beauty events, BolognaFiere Group. The two companies are planning to launch a new event, Cosmoprof Shanghai, with the first show scheduled for January 2007.
CMP Asia and Bolognafiere Group have bought the majority stake in the Guangzhou Beauty Fair for $7. The events attract more than 3,000 exhibitors and 200,000 visitors to each show.
The Guangzhou Beauty Fair and the new Cosmoprof Shanghai event will serve as strong regional extensions of CMP Asia’s existing exhibition Cosmoprof Asia which it co-owns with the Bolognafiere Group.
UBM recently reported year-on-year growth of 7.2% in full-year profit, with pre-tax profit for the year ended 31 December increasing to £152.1 million from £141.9 million in 2004. Revenue for the group also enjoyed a solid performance, rising by 21.3% year-on-year to £675.8 million (see UBM 7.2% Increase In Profits).
UBM’s figures are in line with previous expectations. The company continues to meet expectations, with growth within the print sector remaining challenging (see UBM Meets Expectations Despite Pressure In Print).
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