Yves Rocher buys stake in local Flormar
ISTANBUL - Hürriyet Daily News
The Yves Rocher Group has bought 51 percent of local cosmetics firm Flormar. Hürriyet photoFrench cosmetics group Yves Rocher has bought a 51-percent stake in Turkish beauty products company Flormar in a deal estimated at $150 million. The remaining 49-percent stake will remain with Flormar’s current owner, Sami Şenbay, and once the deal is complete, he and his two sons, Cem and Alp Şenbay, will manage the company, according to daily Hürriyet.
“Flormar was viewed as an investment opportunity by the Yves Rocher Group. Flormar, as a cosmetics label, completes the Yves Rocher label. With its well-known label abroad and its diverse portfolio of products and success, we believe that the Yves Rocher Group is a very strategic partner for Flomar,” read the Flormar Executive Board announcement.
Meanwhile, Yves Roche said: “More than 50 percent of Flormar’s exports are to countries outside of the eurozone and are high growth markets like the Middle East, Africa and Eastern Europe. With this partnership our brand will be more balanced in the international markets.”
With sales of more than $100 million per year, Flormar exports its products to more than 60 countries on four continents, according to the company. The company, founded in 1972, has more than 98 of its own brand shops in Turkey and more than 200 shops abroad.