RIO DE JANEIRO, Sept 16 (Reuters) - Brazil’s Natura Cosmeticos SA is creating a subsidiary to manage its Singapore operations, the company said on Monday, as the global cosmetics firm seeks to boost its sales in East Asia.
In a securities filing, Natura said its board had approved the creation of the subsidiary, which will be 100% held by the parent firm. The company did not elaborate on the structure of the new subsidiary nor offer a strategic rationale.
Natura executives have said the firm is looking to boost its business in Asia and has plans to double its presence in key markets such as Japan and South Korea.
The firm has a physical presence in Singapore through its Aesop and The Body Shop brands, though the size of its operations in Singapore was not immediately clear. (Reporting by Gram Slattery; Editing by Sandra Maler)