RRHI buys leading Vis-Min pharmacy
Gokongwei-led retailer Robinsons Retail Holdings Inc. (RRHI) has expanded its footprint in the pharmaceutical distribution space with the acquisition of 300-store Rose Pharmacy Inc. from the Hong Kong-based Jardine Matheson group.
Mulgrave Corp., a unit of Jardine’s Daily Farm International Holdings Inc., agreed to sell 100 percent of Cebu-based Rose Pharmacy, which operates mostly in Visayas and Mindanao.
“I am delighted that Rose Pharmacy will be part of our portfolio as it takes us back to our hometown in Cebu, where my father and JG Summit Holdings and RRHI founder John Gokongwei Jr. started as an entrepreneur. Mr. John also admired Rose Pharmacy for its strong brand reputation in Visayas and Mindanao,” said RHHI president and chief executive officer Robina Gokongwei-Pe.
Rose Pharmacy was established in 1952 as a family-run drugstore in Cebu City with the goal of providing quality and affordable medicines to communities. At present, Rose Pharmacy is one of the leading drugstore chains in the Philippines with nearly P9 billion in net sales in 2019.
“The deal also further bolsters our strategic partnership with Dairy Farm to strengthen our position in Philippine multi-format retailing,” Gokongwei-Pe said, adding that the previous transaction with Dairy Farm allowed the group to deepen its footprint in the grocery business.
“Our acquisition of Rose Pharmacy yet again offers ripe opportunities for innovation through strategic synergies,” she added.
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