More international companies target Latin American market

By Louise Prance

- Last updated on GMT

Related tags: Skin care, United states, Spanish language

A Finnish cosmetics company is making in-roads into the Latin
American market by striking up a new partnership with Farmacias
Ahumada (FASA), a leading pharmaceutical chain in the region.

Following the success of Lumene's skin care launches in the US, the company will now sell its skin care products in 70 of Chile's most popular FASA stores from Autumn 2007. By partnering with Chile's FASA store Lumene will have access to over 45 million consumers. It will start its attack on the region with its Arctic Nature skin care range, which has achieved previous success in the US and European markets. With Latin America posting the highest cosmetics sales growth in 2006, increasing 10.7 per cent overall, experts forecast that the region will attract international cosmetic manufacturers bidding to capitalise on the increased opportunities for growth. Lumene previously extended into targeted areas of Latin America, such as Peru and Mexico, as early as 1996. However, these areas have only recently been touted by industry experts as hot spots for manufacturers to diversify into. Briony Davies, a cosmetics and toiletries account manager at Euromonitor, said that a worldwide increase in consumer spending power and growing concerns about health and appearance is said to be behind a 5.5 per cent sales growth internationally in 2006. However, it is the emerging markets' increased prominence in the cosmetics and toiletries market that has provided the 'bedrock' for the global growth, he said. Davies stated that these industries are growing in size due to the modernisation of retail, and that distribution networks are set to boost the sales even further. Brazil-based Natura has previously targeted the growing Latin American market and earlier this year launched its natural-based cosmetic products in Peru, Mexico, Argentina and Chile.

Related topics: Market Trends, Colour Cosmetics, Skin Care

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