TOKYO -- Matsumotokiyoshi Holdings will open drugstores in Taiwan, the Japanese retailer announced Friday, in partnership with a local manufacturing and logistics company.
The two companies signed an agreement the same day to establish a joint venture that will build and operate the drugstores. A business development strategy will be decided upon later.
Matsumotokiyoshi researched the buying habits of overseas visitors at its domestic locations and found that Japanese cosmetics and health foods are popular among Taiwanese customers. The drugstore operator therefore decided it could find the same demand in Taiwan.
Matsumotokiyoshi will sell Japanese beauty products and health foods in Taiwan under its namesake brand. The company also hopes that this will bring Taiwanese customers to domestic locations when they visit Japan again.
Since 2015, the company has opened 12 locations in Thailand under the Matsumotokiyoshi brand through a joint venture with a local company.