Newly listed Robinsons Retail Holdings Inc. has expanded its multiformat retail portfolio with the acquisition of a chain of 10 stores distributing cosmetic products under foreign brands Shiseido and Benefit.
In a disclosure to the Philippine Stock Exchange Monday, Robinsons Retail said it had acquired through wholly owned subsidiary Robinsons Specialty Stores Inc. the assets of Beauty Skinnovations Retail Inc. (BRSI), subject to compliance of closing conditions and operational requirements.
BRSI operates eight Shiseido stores and two Benefit stores in various malls in Metro Manila, Cebu and Davao.
The acquisition includes the right to sell Shiseido and Benefit cosmetic products under a distribution agreement with Luxasia Inc., a leading distributor of global fragrance and cosmetic brands, and L Beauty Luxury Asia Inc., distributor of LVMH brands.
“The acquisition is in line with Robinsons Retail’s strategy of expanding into new retail segments. 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,” the disclosure said.
Benefit Cosmetics is an American cosmetics manufacturer based in San Francisco, California.
Shiseido Co Ltd., a Japanese hair care and cosmetics producer, is the biggest cosmetics firm in Japan and the fourth largest in the world.
Starting with a department store in Manila in 1980, Gokongwei-led Robinsons Retail has expanded into five other business segments, entering into the supermarket business in 1985, the do-it-yourself hardware/home improvement business in 1994, the convenience store (Mini Stop) and specialty store business in 2000 and the drugstore business in 2012.
Robinsons Retail targets to end this year with 1,100 stores in its multi-format portfolio.
Other Robinsons Retail formats include Robinsons Supermarket, Handyman Do-it Best, True Value, Howards, Daiso Japan, South Star Drug and Robinsons Appliances. Robinsons Supermarket, now the biggest format in its portfolio, has 86 stores nationwide. It also brought a number of international retail brands into the country such as Toys R Us, Topshop, Warehouse and Dorothy Perkins, among others.
By the end of next year, Robinsons Retail expects to have expanded its store network to 1,400. As of end-2012, it operated only 912 stores.