SINGAPORE Myanmar Investco (SMI) on Wednesday said its unit has signed an exclusive distribution agreement with cosmetic firm Shiseido Asia Pacific.
The group will maintain a network of high-end retailers who will market the products of Shiseido Asia Pacific in Myanmar. The exclusive distribution is for three years, and can be extended by an additional two years.
"Myanmar is one of the most promising economies in Asia. However, for majority of Asian and global consumer brands, Myanmar is a relatively new frontier market," said Mark Bedingham, chief executive officer of SMI, in a press statement.
"With a growing middle class and increasing consumer sophistication, we believe that it represents significant opportunities for us to introduce globally-recognised consumer brands and develop new trends in Myanmar's retail market."