Navis exits Malaysia's Alliance Cosmetics to Japanese strategic

Alliance began as a distributor for global brands such as Revlon and Wet n’ Wild in Southeast Asia, and launched SilkyGirl in 2005 when it saw an opportunity to meet the needs of local consumers that global manufacturers had overlooked. The brand was the market leader in Malaysia within two years.

Navis has held an 80% stake in Alliance since 2009, when it joined government-backed PE firm Ekuinas to invest MYR40 million ($12 million) in the company. It acquired Ekuinas’ stake in 2016 for MYR61.8 million.

During its holding the firm has helped Alliance expand into Indonesia, forming relationships with department store chain Matahari and convenience store operator Indomaret. The brand has since entered Vietnam and the Philippines as well.

Navis also helped with the search for a replacement for founding CEO Thiam Hock Tan, recruiting Chee Eng Ng, a former executive at L’Oreal with several years’ experience in the company’s Taiwan and Malaysia businesses. Ng oversaw a brand refresh and a new marketing strategy involving celebrity ambassadors targeting Southeast Asian millennial consumers.

“The Silkygirl brand is a proven homegrown Southeast Asian brand that competes successfully against multinational companies,” said Michael Octoman and Edwin Fua, partners at Navis, in a statement. “We are delighted that the brand will find a new home with Mandom, who will be able to leverage their network and continue the journey of growth for Silkygirl.”

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• Topics
• Southeast Asia
• Consumer
• Trade sale
• Malaysia
• Navis Management
• Exit