19 November 2018

People’s Daily brands Nu Skin ‘brainwasher’, Bloomberg says

Nu Skin Enterprises Inc., a maker of skin-care and nutritional products, fell the most in more than nine years after a Chinese government newspaper called it a “suspected illegal pyramid scheme”, Bloomberg reported Thursday. The shares plunged 16 percent after People’s Daily said Nu Skin brainwashes its trainees and sells 104 products in China, 20 more than the government allows. The US company said the article “contains inaccuracies and exaggerations that are not representative of our business in China”. The company has a direct-sales license in China, the newspaper said. In 2012, 20 percent of its sales came from China and Hong Kong.

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