TOKYO (Reuters) - Japanese brewer Kirin Holdings Co Ltd (2503.T) said on Tuesday it would take a 30.3% stake in cosmetics company Fancl Corp (4921.T) for 129 billion yen ($1.21 billion) as it reduces its exposure to the shrinking domestic beer market.
Japan’s second-biggest beer maker’s strategy of shedding underperforming overseas assets and expanding into health foods and beverages contrasts with peer Asahi Group Holdings Ltd (2502.T) that has snapped up overseas beer brands including Anheuser-Busch InBev’s (ABI.BR) Australian assets.
Kirin’s investment in Fancl, which is known for its preservative-free cosmetics and supplements, accelerates that shift and will, the two companies said, help expedite the development of new products.
($1 = 106.5200 yen)
Reporting by Sam Nussey; Editing by Himani Sarkar