Comvita, a well-established manufacturer of Manuka honey, has broadened its market presence by acquiring HoneyWorld Singapore, a specialty honey retailer. This strategic move allows Comvita to access the thriving Singaporean market and work towards its expansion beyond HoneyWorld’s existing 18 outlets. It also enables Comvita to offer its unique product range to key industry partners.
The acquisition of HoneyWorld aligns well with Comvita’s strategic growth plans. “This agreement represents a highly strategic opportunity for Comvita to acquire a high-quality retail brand that is the market leader in Singapore. We have seen significant success in our other retail stores across Asia and are excited to bring HoneyWorld’s well-known expertise and influence into the Comvita family,” commented David Banfield, Chief Executive Officer of Comvita.
Comvita plans to retain the services of Pearline Goh, the founder of HoneyWorld Singapore, as part of the acquisition. This approach ensures the integration of Goh’s expertise and insight into Comvita’s operations.
As part of the acquisition, Comvita intends to standardize the product offerings under the HoneyWorld brand. However, the HoneyWorld brand name will be retained, thereby maintaining the brand’s recognition and reputation. This acquisition benefits HoneyWorld as well, as it provides the company an opportunity to tap into Comvita’s wide array of wellness and lifestyle products.
“We are excited to join the Comvita family, as we both envision ourselves as premium wellness and lifestyle brands. As our customers become more discerning, we acknowledge Comvita’s scalability and capacity to introduce high-quality natural products backed by world-class scientific expertise as sustainable and significant,” expressed Pearline Goh, founder and director of HoneyWorld.
Further to the acquisition, Comvita plans to make its comprehensive wellness product line available across all HoneyWorld specialty stores and department store counters, alongside existing HoneyWorld products. Comvita also looks forward to offering a broader range of innovative products and unique customer experiences in the future.
Singapore has increasingly become an attractive destination for companies looking to expand their business operations. For instance, Omnicom Media Group, a media services division of Omnicom, recently acquired Ptarmigan Media, a specialist agency offering end-to-end media and marketing solutions to financial services brands.
Ptarmigan Media is renowned for its extensive range of services, which include fully integrated media planning and buying, market research, and content creation. The company serves clients across various sectors in the financial services industry and operates offices globally, including in Singapore, Hong Kong, Sydney, and New York.
This news is based on Marketing Interactive.