(Jan 9): Private equity firms in Asia, which are sitting on plenty of dry powder, can look to a fresh target in the world’s largest health and beauty retailer. They may get a bargain.

Temasek Holdings is considering selling part of the 25% stake it holds in A.S. Watson & Co, Vinicy Chan and Elffie Chew of Bloomberg News reported Monday, citing people with knowledge of the matter. It paid HK$44 billion ($7.6 billion) to acquire its interest in 2014 from Hong Kong-based CK Hutchison Holdings, which remains the controlling shareholder.

It’s hardly surprising that Temasek is seeking a partial exit. When the Singapore investment firm bought its stake, CK Hutchison said it planned to list the business within three years. That hasn’t happened. More importantly, bricks-and-mortar retailers have lost appeal in the eyes of global investors as more business moves online. That trend is exemplified by Amazon.com Inc, which overtook Microsoft Corp in US trading on Monday to become the world’s largest company by market value.

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