The Ministry of Sound Group, one of the foremost names in the global dance music scene, is rebranding itself to MSHK Group.

According to the independent music powerhouse, the name-change mirrors its diversification into new revenue streams, which now include HedKandi branded toiletries, camping equipment and audio hardware.

Company founder and chairman James Palumbo has rewarded Lohan Presencer with a promotion, for driving a diversification strategy which the group hopes will deliver revenues approaching £100 million ($195 million) this year amid a lean-period for the wider dance music sector.

Presencer, formerly MoS Music Group managing director, becomes CEO of MSHK, an apt reward for his vision leading the company, notes Palumbo. "Lohan has been integral in broadening our business from one of the world's biggest music groups to an international house of lifestyle brands and products," he says. "Now that we have a fully diversified business, it is time to rebrand and this is a good moment for Lohan to step into the top job."

Palumbo launched the business in 1991 as a London dance club in the Elephant and Castle district of south London. While the flagship club remains, MSHK has grown out of sight into a multimedia business empire, incorporating more than 2,000 live events each year, clubs in far-flung markets such as Egypt and Malaysia, and a stable of dance music brands including HedKandi, Global Underground and Euphoria.

"Being the world leaders in dance music has established a great platform for us, but given changing times we have needed to grow our business into complimentary areas," comments Presencer in a statement. "This has been a fascinating experience and our new brand extensions are quickly catching up with our original business. I have always wanted to make a reality of the much talked about 360-degree model, rather than the usual rhetoric based on unworkable and expensive deals, and at MSHK we are in the unique position of having achieved this. "

Presencer says a "whole raft" of developing ideas are in the works, including new ranges of Hedkandi haircare products and fragrances, which should be revealed over the coming year.