Sharp to buy Taiwan cosmetics retailer Mirada to launch fashion, lifestyle e-platform

02, Jul. 2020

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TAIPEI, NNA - Sharp Corp. will acquire Taiwan’s cosmetics retail chain operator Mirada Co. for an undisclosed sum, as it looks to the NT$60 billion ($20.2 million) beauty products market on the island.

Sharp, a subsidiary of the world’s largest electronics contractor Hon Hai Precision Industry Co. group, plans to pre-open a Mirada flagship store on its e-commerce platform Cocoro Life later this month and have an official launch in October.

Mirada will expand its product lineup from the current cosmetics to Sharp’s artificial intelligence technology-assisted smart home electronics and beauty gadgets to feature Japanese fashion and lifestyle products and woo Japan-savvy local consumers, a Sharp (Taiwan) Electronics Corp. said in a statement on Wednesday.

Through the acquisition, Sharp will turn Mirada into a pure online retailer as the electronics firm predicts shopping will shift from brick-and-mortar stores to online under the growing digital economy, the statement said.

The deal comes at a time when Mirada had closed all 15 stores in Taiwan by the end of June due to the brunt of the COVID-19 pandemic, and also because competition is getting fiercer in the island’s cosmetics market, according to a report by Business Next, a local online media.

The cosmetic retailer boasts about 1.45 million memberships after 35 years of operation in Taiwan, which will boost Cocoro Life’s entire membership base to two million.

“This could be a good deal for Sharp if they can fully wield the power of Mirada’s 1.45 million members,” Li Shyh-jane, deputy director of the Business Model Innovation Research Division under the Commerce Development Research Institute, told NNA on Thursday.