A unit of the Gokongwei-led Robinsons Retail Holdings Inc. (RRHI) has acquired the assets of a local retailer that has the right to sell in the Philippines two of the most popular cosmetic brands in the international market.
In a filing with the Philippine Stock Exchange, RRHI disclosed that through its wholly owned subsidiary Robinsons Specialty Stores Inc., it acquired the assets of Beauty Skinnovations Retail Inc. (BSRI), a company that operates eight Shiseido stores and two Benefit stores in various leading malls in Metro Manila, Cebu and Davao.
“The acquisition is in line with Robinsons Retail’s strategy of expanding into new retail segments,” RRHI told the local bourse.
The acquisition includes the right to sell Shiseido and Benefit cosmetic products under a distribution agreement with Luxasia Inc. a leading distributor of world-renowned fragrance and cosmetics brands in the Philippines, and Beauty Luxury Asia Inc., distributor of the prestigious LVMH beauty brands in the country.
The 10 cosmetics stores will add to Robinsons Retail’s store network which now totals over 1,000 stores, upon completion of the closing requirements.
RRHI said that the agreement is still “subject to compliance of closing conditions and operational requirements.”
Benefit Cosmetics LLC is a US-based manufacturer of cosmetics headquartered in San Francisco, California. It is a global beauty brand selling in over 2,000 counters in more than 30 countries.
Shiseido Co. Ltd., on the other hand, is a Japanese hair care and cosmetics producer. It is the largest cosmetics firm in Japan and the fourth-largest cosmetics in the world with 25,000 stores outlets worldwide. It was reported just few days ago that the newly listed firm of the Gokongweis established its 1,000th store with the opening of Robinsons Department store (RDS) in Butuan.
RDS Butuan, which is a two-level store with a gross selling area of around 7,000 square meters, will bring total RDS stores to 37 and total RRHI stores across all segments to 1,000.
RRHI aims to increase its store network to approximately 1,100 by end of 2013, and around 1,400 by end of 2014 from only 912 stores at the end of December 2012.