An agreement was reached between A.S. Watson and Portegies Drugstore to integrate the Dutch operation into the Group's health and beauty portfolio by rebranding all the stores under one of the A.S. Watson operating brands starting from August 16.
The Netherlands is one of A.S. Watson's key markets in Continental Europe. The group plans to open as many as 100 stores in the Netherlands in 2005. The acquisition of Portegies is part of the group's expansion strategy for Europe. By joining the A.S. Watson Group, Portegies will be able to optimise the growth prospects of the drugstore chain.
In the Netherlands, A.S. Watson operates three health and beauty brands including Kruidvat, Trekpleister and ICI PARIS XL.