Robinsons Retail Holdings Inc., the retail arm of the Gokongwei family, is venturing into the cosmetics business by acquiring the local operator of Shiseido and Benefit cosmetics stores in line with the strategy to expand into new retail segments.
In a disclosure to the Philippine Stock Exchange Monday, Robinsons Retail said its wholly-owned subsidiary Robinsons Specialty Stores Inc. bought the assets of Beauty Skinnovations Retail Inc. (BSRI).
BSRI operates eight Shiseido and two Benefit stores in shopping centers in Metro Manila, Cebu and Davao.
In a phone interview, Gina Roa-Dipaling, Robinsons Retail investor relations head, said they expect to close the transaction by February 2014.
“We signed a non-disclosure agreement with BSRI so we cannot disclose the cost… But our target is early February next year,” Dipaling told GMA News Online.
She said this development is a pioneering venture for Robinsons Retail.
“BSRI will be the first (cosmetics retailing) directly owned by Robinsons Retail as others are… concessionaires in Robinsons Department Store,” she told GMA News Online.
The firm said the acquisition includes the right to sell Shiseido and Benefit products under a distribution agreement with Luxasia Inc., a leading distributor of fragrance and cosmetics brands in the Philippines, and L Beauty Luxury Asia Inc., a distributor of LVMH beauty brands.
Shiseido Co. Limited, a Japanese hair care and cosmetics maker, is the largest cosmetics company in Japan and the fourth largest cosmetics company in the world. It has a global network of 25,000 stores.
Benefits Cosmetics LLC is a US-based manufacturer of cosmetics founded initially as a beauty boutique that has grown into a global brand selling at over 2,000 counters in more than 30 countries.
Source GMA Network