Matsumoto Kiyoshi Co, one of the leading drug and cosmetics store chain operators in Japan, is planning to gain a foothold in Taiwan.
Kiyoo Matsumoto, president of the firm, signed a memorandum of understanding on Friday with Huang Chiao-chang (黃教漳), chairman of Taiwan-based Tailung Capital Inc (台隆), for the two companies to cooperate in helping the Japanese retailer enter the Taiwanese market.
The Japanese retail chain opened its first overseas outlet in Thailand in 2015 and now operates 12 stores in the country, Matsumoto said at the signing ceremony.
He said Taiwan will become Matsumoto Kiyoshi’s second overseas investment destination, hoping that its presence will bring pleasant shopping experiences for Taiwanese consumers.
Japan is one of Taiwanese travelers’ favorite destinations and many Taiwanese like shopping in Japan’s major drug and cosmetics store chains, like Matsumoto Kiyoshi.
Tailung has served as a distributor of Japanese ice cream brand Meiji and has operated a joint miscellaneous goods product retail shop chain in Taiwan, Hands Tailung (台隆手創館).
Huang said Tailung has devoted itself for a long time to enhancing economic and cultural exchanges between the two countries and that he expects Matsumoto Kiyoshi to become a local retail anchor that will enhance Taiwanese consumers’ trust in Japanese brands.
Tailung said both sides need more time to work out details for their future cooperation, including a time frame to open the first store in Taiwan.
Matsumoto Kiyoshi, established in 1932, runs more than 1,500 stores around Japan. The company is listed on the Tokyo Stock Exchange.
Among those witnessing the signing ceremony on Friday were Deputy Minister of Economic Affairs Kung Ming-hsin (龔明鑫), Chinese National Federation of Industries (全國工業總會) chairman Rock Hsu (許勝雄), and Japan-Taiwan Exchange Association Representative Kimio Numata.
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