Atlanta Beauty Academy, which opened in 2012, is being sold to a Chinese beauty firm
— The Atlanta Beauty Academies is being bought by a Chinese company that plans to bring its brand of beauty schools to the U.S. and China, The Wall Street Journal reported on Monday.
The Beauty Academy in Atlanta is one of two Chinese-based beauty schools in the U-S.
that began offering classes in 2008.
It is also a subsidiary of the Shanghai Beauty Academy.
The purchase comes as China is grappling with a number of issues in the face of what it sees as an unprecedented wave of counterfeit goods, such as counterfeit luxury goods and luxury goods from abroad.
Chinese authorities have tightened regulations around the sale of cosmetics in recent years, and the state-run People’s Daily recently banned the sale and sale of luxury goods on state television.
According to the Journal, the company that bought the Atlanta Beauty Schools, Shanghai Beauty Academics, will become Shanghai Beauty Brands, a private company based in China.
Shanghai Beauty is owned by Shanghai Beauty Alliance, a state-owned entity in the city of Shanghai that has been accused of violating regulations.
In the report, the Journal said that the Beauty Academy had a $25 million endowment that includes assets valued at $50 million, including a stake in the Atlanta beauty academy.
A spokeswoman for the Atlanta-based Beauty Academy did not immediately respond to a request for comment.