Nov. 20, 2025Marubeni Corporation
Marubeni Corporation (hereinafter, “Marubeni”) today announced its decision to proceed with an additional investment in Karmarts Public Company Limited (hereinafter, “Karmarts”), a leading beauty and personal care brand company listed on the Stock Exchange of Thailand. Marubeni currently holds an 18% stake in Karmarts and intends to acquire up to an additional 10% of the company’s shares through a partial tender offer (hereinafter, “PTO”) under local securities regulations, for a maximum consideration of THB 1.25 billion (approximately JPY 6.0 billion). The PTO is planned for February 2026 and is expected to proceed upon tenders totaling 4.5% or more*.
Since Marubeni’s initial investment in October 2023, Marubeni has been driving Karmarts’ business development, including capital and business alliances and international expansion. Karmarts continues to strengthen its business foundation, exemplified by its June 2025 investment in 4U2 CO Co., Ltd., a brand extremely popular among Generation Z consumers in Thailand. Upon successful completion of the PTO, Marubeni intends to deepen its partnership with Karmarts, accelerating initiatives to expand sales channels—particularly across Southeast Asia—and to pursue growth opportunities including capital and business alliances, thereby enhancing Karmarts’ corporate value. Going forward, Marubeni will continue to promote business expansion in the beauty and personal care sector, where sustained global market growth is anticipated.
*The implementation and success of the PTO are subject to the satisfaction of requisite procedures and conditions and will depend on actual tender applications. The PTO is expected to be conducted through Wellsiam Company Limited, Marubeni’s wholly owned holding company in Thailand.
Related News Release:October 12, 2023Investment in Karmarts Public Company Limited, a Listed Cosmetics Brand Company in Thailandhttps://www.marubeni.com/en/news/2023/release/00101.html
