There is money to be made in the beauty and personal care sector in Turkey, as seen by the continuously growing interest of both foreign and local investors. According to a Ministry of Economy sector report, 46,000 local products, among a total of 170,000, are distributed on the cosmetic market. The sector grew to $2.2 billion in 2012 and employed 14,000 people.
Foreign brands on the side, Turkey has grown its own power players. One of them is Flormar, an ambitious cosmetic giant that sells products on six continents, with more than 50,000 selling points in more than 80 countries. The factory located in Gebze increased production capacity from 60 to 100 million units per annum. Last year, the company bought 51% of French company Yves Rocher’s shares. It recently opened single brand stores in St. Petersburg's London Mall and Pearl Plaza. The number of stores around the world has thus grown to 400, with the goal to have 900 stores around the world within five years. The plans include 250 stores in Turkey. Ultimately, the management aims at Flormar becoming renowned worldwide, alongside the sector's highly acclaimed and celebrated brands.
