(Sharecast News) - Georgia Healthcare's pharmacy and distribution business on Friday signed a franchise agreement with high street beauty retailer The Body Shop.
The London-listed company has obtained the right to operate The Body Shop in Georgia for an initial term of 10 years and plans to open three stores in Tbilisi and other large cities in the first year of operations.
Georgia Healthcare said it will also pursue shop-in-shop opportunities, with initial plans in place to operate Body Shop stands at around 50 sites of high-end retail pharmacy chain GPC.
The company said it intends to gradually increase this number to roughly 100 over the next few years.
Nikoloz Gamkrelidze, chief executive of Georgia Healthcare, said: "Adding The Body Shop brand to our portfolio will upgrade our range of personal care products and further contribute to our business growth. Partnering with this internationally recognised brand, capitalising on its knowledge and experience, will increase our pharmacy and distribution business brand awareness and the number of its loyal customers."
Georgia Healthcare shares were down 0.50% at 201.00p at 1258 BST.
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