28/12/2018 – Singapore exchange-listed Thakral Corporation on Thursday announced that it has entered a joint venture agreement with health and beauty technology products online retailer CurrentBody aimed at expanding into China.
The official announcement states that the joint venture will be equally owned by both Thakral Corporation and CurrentBody.
Based in Manchester, CurrentBody claims to be the leading global online retailer specializing in at-home beauty devices with online stores serving consumers in the United Kingdom, France, Germany, Spain, Italy, the United States, and Australia.
For Thakral, this joint venture is part of its effort to further strengthen its position in China’s at-home beauty device market, where it has already forged partnerships with brands such as Panasonic, MTG Refa,Tripollar, PMD, Dermawand, and Slendertone.
The Singapore investment firm said the new venture will provide additional choice for Chinese consumers by introducing existing as well as new at-home beauty brands in the Chinese market that has been highly focused on customer-service oriented environment..
“Joining hands with CurrentBody will enable us to create a category-leading position in China’s at home beauty device market, We are looking forward to using our network and strong relationships with various platforms to create true value, together with CurrentBody,” said Thakral CEO Inderbethal Singh Thakral.
CurrentBody, on the other hand, sees the deal as a strategic move that enables it to expand into its first Asian market.
“This partnership will place us on a trajectory towards becoming the go-to online platform for at-home beauty devices globally,” said CurrentBody co-founder and CEO Laurence Newman.
Global beauty research firm Kline reports that the global at-home beauty device market reached US$2.1 billion in 2017, with Asia, and China, in particular, showing the strongest growth.
Greater China including Hong Kong, as well as Southeast Asia and India, are key markets for Thakral’s lifestyle division which is focused on marketing and distributing brands in the beauty, wellness and lifestyle categories, working with leading e-commerce platforms as well as traditional retailers.
Listed on the SGX Mainboard since December 1995, Thakral Corporation Ltd has two core divisions – the lifestyle division and the investment division.
Its lifestyle division supports foreign beauty, wellness, and lifestyle brands in Asia key markets, while the investment division targets real estate and property-backed financial instruments in Australia and Japan.
This news is published on Reuters.