Cosmetic giant eyes production in Turkey
The Farouk Shami Group wants to bring the Miss Universe pageant to Turkey.
U.S.-based cosmetics giant Farouk Shami Group wants to make Turkey a production base for its cosmetic products, including hair-care products, electric products and spa treatments, according to Hürriyet.
The group chairman, Farouk Shami, met with Turkey’s Customs and Trade Minister Hayati Yazıcı last week in Istanbul.
Shami told Hürriyet that Turkey was a second homeland for him and that he planned to expand his business to the Middle East and Russia, using Turkey as a base.
“We want to invest in Turkey. Starting with Istanbul, we could invest in any corner of the country. That’s why we will first look for a plot and then begin investing. We are also open to having local partners. I told Minister Yazıcı this and he was very positive,” said Shami, adding that the head of Turkey’s investment agency, İlker Aycı, had also offered his support.
Shami said the cosmetics group would initially invest $150 million in Turkey, but are hoping to run a $1 billion business from Turkey in 10 years time employing 1,000 to 1,500 Turkish employees.
The Shami Group produces more than 1,000 cosmetics products for export to 110 countries. Shami, the sponsor of the Miss Universe beauty pageant for 12 years, wants to bring the pageant to Turkey.