RRHI invests in online store BeautyMNL
Gokongwei-led Robinsons Retail Holdings Inc. (RRHI) has acquired a 20 percent stake in the company that operates e-commerce site BeautyMNL, online retailer of personal care and beauty products.
RRHI disclosed to the Philippine Stock Exchange on Wednesday that it had bought 20 percent of Taste Central Curators Inc., operator of BeautyMNL.
The company said the acquisition was mean to “further expand and strengthen RRHI’s presence in the beauty format and e-commerce space.”
BeautyMNL was described by RRHI as “an industry leader in the local beauty e-commerce space.”
The amount of acquisition was not disclosed but RRHI said this accounted for less than 10 percent of its total stockholder’s equity.
The company from whom the shares were acquired is a juridical corporation not related to RRHI.
BeautyMNL sells over 13,000 products across the skin care, make-up, hair care, nails and scents, organic and accessories.
RRHI, a multi-format retailer, is one of the biggest players in Philippine retailing. It is valued by the stock market at around P130.2 billion.
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