The Body Shop Malaysia franchisee plans IPO

1 min readUpdated Jun 4, 2025Dec 10, 20187:27 AM

Rampai-Niaga, The Body Shop Malaysia franchisee, is planning an IPO that could raise RM200 million (US$48 million). The company is considering submitting a listing application to the local securities regulator shortly, targeting a presence on Bursa Malaysia by the second quarter of next year at the earliest, according to a source close to the firm. As yet, the company has refrained from commenting on the proposal.

The company’s website says Rampai-Niaga is the sole franchisee for The Body Shop Malaysia. It opened the beauty products brand’s first outlet in the country in 1984.

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What this means

The planned IPO by The Body Shop Malaysia's franchisee, Rampai-Niaga, is a strategic play to raise substantial capital and solidify its market position. While the brand has a long history in Malaysia since 1984, this move suggests a bold expansion or modernisation agenda, contrasting with regional rivals like Panpuri's 16-store Asian expansion strategy or Adore Beauty's 13 Australian store openings. Listing on Bursa Malaysia could provide the financial firepower needed to withstand increasing competition in the beauty sector, placing pressure on other local and international players. The risk lies in market reception and whether the perceived valuation aligns with investor expectations for a single-brand franchisee. We await the actual listing price to assess the market's confidence in this model.

Rajiv Menon

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