Japanese drugstore giant MatsumotoKiyoshi Holdings announced it was starting talks to merge with rival Cocokara Fine, possibly creating the country’s biggest chain of discount pharmacies with nearly US$10 billion in annual sales.
Cocokara had considered a tie-up with another drugstore chain, Sugi Holdings, but chose an offer from MatsumotoKiyoshi instead, it said in a statement.
Known as “Matsukiyo,” MatsumotoKiyoshi started as a mom-and-pop pharmacy in the 1930s and has grown rapidly through aggressive store openings and acquisitions. It was a pioneer in drugstores’ sales of discount cosmetics, allowing consumers to more casually sample products.
Full Content: Reuters
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