Japan's Matsumotokiyoshi eyes Hong Kong and Vietnam drugstore markets
TOKYO, NNA - Drugstore operator Matsumotokiyoshi Holdings Co. is entering Hong Kong and Vietnam to meet strong demand for Japanese cosmetics and supplements.
The Tokyo-based company said Monday that it was setting up a local unit in Hong Kong by turning its market research firm established in 2007 into a wholly owned subsidiary. The research firm is currently owned by Kiyoo Matsumoto, president of the drugstore chain.
The company declined to disclose specific plans for opening stores in Hong Kong.
Matsumotokiyoshi also said Monday that it had reached a basic agreement with Lotus Food Group of Vietnam to set up a joint venture to operate drugstores in the Southeast Asian country, without giving any details.
With the drugstore market shrinking in Japan, the company has been exploring business opportunities in Southeast Asia. As of the end of June, it had 33 stores in Thailand and three in Taiwan.