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By Reuters Staff
2 Min Read
(Company corrects number of The Beauty Box stores in the last paragraph to 40 from 47)
SAO PAULO, Aug 12 (Reuters) – Brazilian cosmetics firm Grupo Boticário said on Monday it had agreed to buy e-commerce platform Beleza na Web for undisclosed amount, as part of plans to strengthen its online presence while competition intensifies in the beauty business.
The move comes as Brazil’s cosmetics market is consolidating. Rival Natura SA agreed in May to merge with Avon Products Inc to create the world’s fourth-largest beauty company.
“With Beleza na Web we seek to strengthen our position in the multibrand market and our multichannel approach, integrating one of the main multibrand platforms in Brazil into the group,” Grupo Boticário’s vice-president of New Channels, Isabella Wanderley, said in a statement.
Founded in 2008, Beleza na Web has over 360 national and international brands and sells 17,000 products on its platform. In 2018, its gross revenue hit around 280 million reais ($70.43 million).
Grupo Boticário, which owns The Beauty Box chain of 40 brick-and-mortar stores across Brazil, had 13.7 billion reais in revenue in 2018, up 11% from the previous year.
$1 = 3.9755 reais Reporting by Gabriela Mello; Editing by Richard Chang
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