This article only represents the author's own views.

A little over three decades ago, China’s largest beauty services firm got its start as a single beauty salon offering facials in southern Hainan province, run at the time by the late wife of current Chairman Li Yang. Fast forward to the present, when Beauty Farm Medical and Health Industry Inc. (2373.HK) has blossomed into an empire with 734 stores in 20 of China’s largest cities, accounting for a commanding 40% of a Chinese beauty services market worth an estimated 485 billion yuan ($68 billion) this year.

That number includes the company’s latest acquisition, announced last week, when Beauty Farm signed a deal with North Asia-focused private equity giant MBK Partners to buy Shanghai Siyanli Industrial, China’s third largest beauty services provider.