9/11/2009

Turkish company to introduce a global brand in skincare products

Today’s Zaman - B'iota Laboratories, the market leader in hair and skincare products in Turkey, plans to introduce a global brand in the next five years as the company continues to branch out into new markets despite the ongoing global financial crisis. Speaking to reporters in Istanbul, Cihat Dundar, the owner and CEO of B'iota, said the company will represent Turkey with a global brand in international markets and that they have set a target to achieve this goal in the next five years. “You have to be strong at home first and then claim leadership in foreign markets. We are currently the market leader in Turkey and are continuing investments despite the current volatile atmosphere", he said. Dundar stressed that a new B'iota complex, a 30,000-square-meter cosmetics research and manufacturing center, was under construction on Istanbul's Anatolian side and is expected to open in 2010. The company now controls 70 percent of the Turkish hair and skincare product market. Noting that the global dermo-cosmetics sector, with a total size of USD 250 billion, offers vast opportunities for Turkey, he said their main goal is to increase the country's share by introducing a global brand that will have a voice in both large and small markets. "Turkey is home to hundreds of different herbal products but holds only one percent of the global market", he stated. Dundar said the company's products are sold in hundreds of pharmacies in 30 countries around the world. "We have expanded well in Europe. In December, we are going to start selling our goods in Brazil, a country with a huge dermo-cosmetics market, seven times larger than in Turkey. Our next step will be the US market", he explained.