KUALA LUMPUR: Innature Bhd
has inked a memorandum of understanding (MOU) with Top Wisdom Investment Co Ltd to potentially enter the beauty and retail business in Taiwan via an acquisition of equity interest in Mayfair House Co Ltd.
In a statement, InNature said Mayfair has been in the Taiwan beauty market for more than three decades with a sizeable network of retail points of sale as well as a robust presence in online retail channels.
"We are excited with the potential of Taiwan’s beauty & personal care sector given the market’s high disposable income and advanced consumer awareness of beauty and personal care.
"Based on Euromonitor, the projected size of Taiwan’s beauty and personal care market in 2023 is US$4.4bil, which is estimated to be 30% larger than Malaysia’s market.
"The high prevalence of sustainability consciousness amongst Taiwanese consumers augurs well for our Group, as InNature’s sustainability expertise will enable us to capitalise growth in this segment," said InNature group managing director Datin Mina Cheah-Foong.
