MANILA, Philippines – Gokongwei-led Robinsons Retail Holdings Incorporated (RRHI) expanded its e-commerce presence by investing in an online beauty and wellness shop.
In a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, December 13, RRHI said it acquired 20% of Taste Central Curators Incorporated, operator of the BeautyMNL website.
The acquisition, said RRHI, will “further expand and strengthen its presence in the beauty format and e-commerce space.”
Although RRHI did not specify the exact amount invested due to a non-disclosure agreement, it said the figure is less than 10% of its stockholders’ equity as of end-September.
BeautyMNL sells more than 13,000 products ranging from cosmetics and skincare to vitamin supplements. The site also offers beauty and spa services.
RRHI is the second largest multi-format retailer in the country, with brands such as Robinsons Supermarket, Ministop, True Value, and South Star Drug.
It recently replaced Energy Development Corporation on the Philippine Stock Exchange index (PSEi), a fixed basket of 30 stocks chosen to represent the general movement of the market.
Back in May, the Gokongwei family’s other holding firm, JG Summit Holdings Incorporated, invested in Singapore-based Sea Limited, an internet platform that operates e-commerce site Shopee, among others. – Rappler.com