MANILA – ABS-CBN Corp on Thursday said it would launch a new cosmetics brand with Ever Bilena, as it sought to diversify its revenue sources, a company official said.
The country's largest media and entertainment company is "in the business of selling experiences" and wants to "exploit our advantage" in retail, ABS-CBN CFO Aldrin Cerrado said.
Under the joint venture, ABS-CBN and Ever Bilena will manufacture, produce and sell cosmetics, according to a stock exchange disclosure. Cerrado said the two brands cater to the same market.
ABS-CBN operates theme park KidZania and recently opened an Experience Store in Quezon City to bring its shows closer to fans.
It also mounts entertainment shows and sells merchandise that are branded with popular shows.
"We’re in the business of selling experiences and entertainment," Cerrado said.
"When you’re talking about retail experience, what are the different retail products and retail businesses that we can get into, that is not so far from what we’re doing and yet we can exploit our advantage in the market," Cerrado said.
The company earlier announced a joint venture with IBayad Online Ventures Inc for a customer and merchant e-wallet or e-money service, which is currently on the early stage of development, Cerrado said.
News.abs-cbn.com is the official news website of ABS-CBN Corp.