InNature Bhd, a prominent Malaysian conglomerate, has signed a memorandum of understanding (MOU) with Top Wisdom Investment Co Ltd. This potentially signifies a grand entrance into Taiwan’s thriving beauty and retail sectors via an equity acquisition in Mayfair House Co Ltd.
Mayfair House Co Ltd, according to InNature, has been a prominent player in the Taiwanese beauty industry for over 30 years, boasting an extensive network of retail points and a firm grip on online retail channels.
“We are optimistic about the potential of Taiwan’s beauty & personal care industry, considering its high disposable income and sophisticated consumer awareness of beauty and personal care,” shared InNature group managing director, Datin Mina Cheah-Foong.
Euromonitor data suggests that Taiwan’s beauty and personal care market, estimated at a sizeable US$4.4 billion in 2023, is projected to outgrow Malaysia’s market by 30%. This potential market size, coupled with Taiwan’s strong sustainability consciousness, presents an enticing opportunity for InNature.
Cheah-Foong added, “The high prevalence of sustainability consciousness among Taiwanese consumers bodes well for our group. Our sustainability expertise will enable us to seize growth in this segment.”
This report is based on an article published by thestar.com.my.