(Singapore, 4 July 2023) Comvita, New Zealand’s leading honey producer and exporter, has announced the acquisition of HoneyWorld, Singapore’s largest chain of honey specialty stores.
According to Comvita’s press release, this expansion provides an accelerated route into the market for Comvita and its iconic Manuka honey. The company aims to grow beyond HoneyWorld’s existing 18 premium retail locations.
David Banfield, Chief Executive Officer of Comvita, said: “This agreement represents a highly strategic opportunity for Comvita to acquire a high-quality retail brand that is the market leader in Singapore.”
While Comvita’s press release does not disclose the acquisition amount, an RNZ report suggests the deal is valued at $SG8.5 million. This acquisition would give Comvita a 50 percent market share in the Mānuka honey category in Singapore. Additionally, HoneyWorld is projected to generate revenue of just over $SG13 million in 2024.
HoneyWorld has been importing Mānuka honey into Singapore for almost two decades. The acquisition is expected to streamline its product lineup while retaining the HoneyWorld brand name.
“We are thrilled to be part of the Comvita family, as we share a vision of being a premium wellness and lifestyle brand. As customers become more discerning,” said Pearline Goh, Founder, and Director of HoneyWorld.
Following the acquisition, Comvita’s range of wellness products, including new innovative offerings, will be available at all HoneyWorld specialty stores and counters in major departmental stores, alongside other existing HoneyWorld products.
Currently, Manuka honey is available in Guardian but not in NTUC Fairprice, the largest retailer in the island country, founded in 1973 and comprising 230 outlets.
