Business

Robinsons get P230M from Robina’s disposition of nail polish maker Chic Centre, nearly 8X purchase price

Robinsons Retail Holdings Inc. has raised P230 million following the decision of bilyonaryo Robina Gokongwei to snip off its 100 percent holdings in Chic Centre Corp.

The sale price, sealed in February 2020, is nearly eight times the P27.8 million Robinsons paid for the nail polish and slush drink maker in 2016, according to a report by the company to regulators.

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But Chic Centre had net total assets of only P33.34 million when Robina scooped it up four years ago.

As of 2018, Chic Centre had over 2,000 outlets selling Bobbie, Chic, Colortrends, and Rain for Nails brands and over 1,000 outlets (including Ministop, Petron, business process outsourcing offices, schools, and Movieworld cinemas) selling its slush and juice products.

Chic Centre claimed to have control of 75 percent of the nail polish market in competition with Caronia, OMG and Klik (it also has cosmetic brands which rivaled Ever Bilena and Nichido brands).

Robinsons sold Chic Center because it was “no longer aligned with its core capabilities which is retailing.”

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