Since listing on 20 February 2020, InNature Berhad (“InNature”) (KLSE: INNATURE) has seen its share price halved from its initial public offering (IPO) price of RM0.64 to RM0.32 as at 8 April 2020.  In this article, we will take a closer look at the business, management and financial aspects of the Group, to gauge if there is an opportunity for investment.  

Company Background

InNature, through its subsidiaries, is a franchisee of The Body Shop® (TBS) brand in Malaysia, Vietnam and Cambodia. TBS offers natural cosmetics and personal care products, which are produced sustainably and ethically – against animal testing and being environmentally friendly. 

InNature has more than 35 years of experience in the TBS franchise business since opening its first store in 1984. The TBS brand is the leading mono-brand beauty retailer, with an 11% market share in Malaysia and highest number of physical point-of-sales (POS) – 89 stores countrywide. Meanwhile, its Vietnam