Milliyet - France-based global cosmetics giant Yves Rocher has acquired a 51 percent stake in Flormar, a 100 percent Turkish capital cosmetics company. The sales agreement is reportedly worth USD 120-130 million, according to some sources.
Following the acquisition, the remaining 49 percent stake will remain in the hands of its former owners, who played a crucial role in the company’s rapid growth, particularly after 1998. The company will continue to be run by the current management after the purchasing process.
Yves Rocher has a turnover of EUR 2.3 billion and sells over 300 million products per annum. Meanwhile, Flormar has a 30 percent share in the Turkish color cosmetics market and has an annual turnover of USD 100 million in its Turkish operations.
With its 98 stores in Turkey and more than 200 mono-branded ones abroad, Flormar exports its products to more than 80 countries across four continents.