Aesthetics clinic's founder has her own line of skincare products. -ST
Thu, Sep 24, 2009
The Straits Times
By Lorna Tan, Senior Correspondent
Dr Georgia Lee, founder of aesthetics clinic TLC Medical Centre, is set to expand her decade-long business.
In May, the aesthetics doctor soft-launched a new skincare range under her own name on the Internet.
Last month, she opened a 500 sq ft concept retail store, dr georgialee, in Biopolis, carrying her range of skincare products. They will be available in retail stores here and in the region next year.
'I hope to grow my skincare range into a regional brand and to eventually have my products carried by our very famous Singapore brand, SIA,' said the 40-year-old.
Her new skincare products use mainly gingko nut leaf extract, which boasts an antioxidant level 50 times that of vitamin C, she said. It took six years of planning and a 'high six-figure' investment so far to get her project going.
During this time, she made trips to Japan, where the products are manufactured, to meet the chemist and for product testing and packaging.
Meanwhile, besides health screenings, her Holland Village clinic offers services like Botox fillers, IPL (Intense Pulsed Light) treatments and ultrasound facelifts.
She said she upgrades her medical devices every year to stay on top of the game. She spends $300,000 to $500,000 annually on such devices alone.
Dr Lee received her medical degree from the National University of Singapore in 1993, after which she served her five-year bond at Singapore General Hospital and National University Hospital.
She then plunged into the increasingly popular aesthetics business. She had taken a diploma course in dermatology while serving out her bond.
She is married to anaesthetist Pierre Christian Ipyam, 50, a Mauritian-born Chinese. They have two sons, Georges Christophe, 13, and Pierre Gregory, 10.
Q: Are you a spender or saver?
I was a spender in my 20s but I realised the importance of saving in my 30s, thanks to my husband who is more financially savvy.
I try to save about one-third to half of my income, and I nag my young patients to save at least a third of their income too.
I do not invest much as I need the cash flow to run my medical practice and now my recently launched skincare line.
I am more comfortable with having cash, although my husband said early in our marriage that I should divide my investments into three parts: cash, shares and property.
Q: How much do you charge to your credit cards every month?
I have only one credit card and I always pay off what I spend in full, and before I get the payment notice.
If I travel, I will credit cash into that account so I will not incur any debt. I pay my staff way ahead of schedule if I travel at month's end. I hardly withdraw any cash from ATMs. I use cheques so that I can keep track of how much I spend.
Q: What financial planning have you done for yourself?
My personal assets are in property, insurance and cash, and of course my business.
About 5 per cent of my monthly income goes into an endowment plan. I bought the policy when I was 17.
My elder sister, who is 12 years older, had suggested that I should start the saving habit by having some financial commitment.
Before I started working, I paid the premiums from my pocket money and it taught me the value of saving. Recently, I bought a health plan.
I never traded in stocks until two years ago when I made one purchase of some shares against my banker's advice, and have regretted it.
My assets are mostly in my business.
Q: Moneywise, what were your growing-up years like?
I have five siblings and we lived in a house in the Whampoa area. My father owned a logistics company which was started the year I was born. I am the fifth child.
My parents are frugal. They instilled in me the value of hard work and to strive for whatever I want or choose to do.
At age eight, I wanted to be a doctor because I liked to fix things. I used to play doctor and my sisters would be my 'patients'.
Q: How did you get interested in investing?
I am quite risk-averse and my investment portfolio reflects that. I invest in insurance, cash and property. My best investment is probably my business, and the staff who help me run it.
Q: What property do you own?
A semi-detached three-storey house bought in 2007 for over $2 million in the Bukit Timah area. I'm not sure what the current value is.
Q: What's the most extravagant thing you have bought?
I do not regret any of my purchases. My one vice is dresses. On average, I spend three- to five-figure sums on brands like Givenchy, Balmain, Lanvin, Jean Paul Gaultier, Chanel and Christian Dior.
I go for design and quality. Good quality lasts. I have great pieces about 15 years old, still in pristine condition and that fit me well.
But my most expensive purchases are the machines and devices for my practice. They cost $30,000 to over $200,000. I believe in getting the best available on the market. I recently flew to Arizona and bought an anti-ageing device that cost $200,000.
Q: What's your retirement plan?
I think my husband and I will be okay, given our savings and investments.
Like most people, I hope to grow old happy and healthy with my family, who are very important to me.
I also hope to work for as long as I can because I enjoy it so much.
I like starting and creating things. I'm quite happy to go to Mauritius, or Britain, where my hubby grew up. I can also be a beach bum under the shade with sunblock and a good book.
Q: Home is now...
The semi-detached house in Bukit Timah.
Q: I drive...
A black Mercedes C Coupe which was bought in 2005.
Q: My worst investment to date...
Two years ago, I invested a low six-figure sum in a US medical device firm. It was the first stock I ever bought.
Before investing, I did some homework and even visited the firm and bought the devices.
The counter did well for a while but when the economic crisis happened, it was too late to dump it so I'm still holding on to it.
The value has dipped by about 30 per cent but I'm sure it will pick up again.
Q: My best investment to date...
My business. I started it in 1999 with a start-up capital of $300,000 from my husband and I have never looked back since. I employ 10 staff and have been in the business of well-being for the last 10 years.
I recently started another business - my own skincare line. I have been studying and improving my skincare formulation for the last six years, customising it to suit people living in the tropics. I was encouraged to take this step by my family and close friends.
This article was first published in The Straits Times.
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