Portugal news - Portuguese multinational Sonae is investing 148 million euros to corner the beauty market segment in Spain.
Portuguese multinational Sonae SGPS is investing heavily through its subsidiary MCretail to corner Spain’s Health & Beauty market segment. MC will own a network of more than 470 stores and online channels in Spain through the acquisition of Spain’s largest chains of perfume stores Druni, with a 50% stake, and Arenal Perfumerías, with a 60% stake.
With the acquisition of stakes in Druni that generated a turnover of 791 million euros in 2023, and in Arenal Perfumerías that generated a turnover of 193 million euros in 2022, Sonae will soon combine both companies. This will result in the creation of a leading operator in the health, wellness and beauty segment in Spain, with a turnover of approximately 800 million euros.
This new partnership will allow Portuguese group Sonae to strengthen its position in the health, wellness and beauty segment on the Iberian Peninsula through MC, by enhancing the joint assets and capabilities of Druni, Arenal Perfumerías and MC that includes assets such as Continente and Wells.
After the transaction, the new joint venture will be 50% owned by an MC subsidiary, in which Arenal’s founding shareholders will hold a minority stake of 10%, and Druni shareholders will hold a 50% stake. The new entity will be fully consolidated into MC’s accounts given the governance rights enclosed in the shareholders’ agreement.
This new acquisition by Portuguese group Sonae represents an important milestone in its investment strategy, further increasing its internationalization and diversification in a retail segment that has strong growth tailwinds.
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