Robinsons Retail acquires PH distributor of Shiseido, Benefit cosmetics
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MANILA – The retail arm of the Gokongwei family has ventured into the cosmetics business with the acquisition of the company that sells Shiseido and Benefit products in the Philippines.
In a disclosure to the Philippine Stock Exchange, Robinsons Retail Holdings Inc said its wholly owned subsidiary Robinsons Specialty Stores Inc acquired the assets of Beauty Skinnovations Retail Inc (BSRI), which operates eight Shiseido and two Benefit stores in shopping centers in Metro Manila, Cebu and Davao.
"The acquisition includes the right to sell Shiseido and Benefit cosmetics products under a distribution agreement with Luxasia Inc, a leading distributor of world renowned fragrance and cosmetics brand in the Philippines and L Beauty Luxury Asia Inc, distributor of prestigious LVMH beauty brands in the country," Robinsons Retail said.
Shiseido Co Ltd, a Japanese hair care and cosmetics producer, is the largest cosmetics firm in Japan and the fourth largest cosmetics company in the world. Shiseido has 25,000 stores worldwide.
Benefits Cosmetics LLC is a US-based manufacturer of cosmetics. It was initially founded as a beauty boutique that specialized in quick-fix products for beauty dilemmas but has grown into a global beauty brand now selling at over 2,000 counters in more than 30 countries.
The acquisition is in line with Robinsons Retail's strategy of expanding into new retail segments, the company said. The 10 cosmetics stores will add to the firm’s network, which now totals over 1,000 stores once the deal is sealed.
Robinsons Retail is the country's second biggest multi-format retailer, operating 10 formats under six business segments.
From 912 stores at end-December 2012, Robinsons Retail eyes to raise its store count to 1,400 by end-2014. The company recently raised $620 million from a maiden share sale, considered as the country's biggest initial public offering in history, to primarily bankroll its expansion.