L'Oreal buys Turkish hair care firm Canan

By Guy Montague-Jones

- Last updated on GMT

Related tags: Hair care, L'oréal

L'Oreal is expanding its presence in the fast growing Turkish
cosmetics market with the acquisition of Canan, one of the
country's leading hair care companies.

The move comes a day after L'Oreal announced it was raising €1.5bn through the sale of 1.8 per cent of the pharmaceutical giant Sanofi-Aventis with the aim of freeing up financial resources. The world's largest cosmetics company is now looking to tap into a growing market with the acquisition of the hair care specialist Canan. The Istanbul-based company had a turnover of €26m in 2006, which it achieved largely through its Ipek brand, the fourth largest in the country's hair care market. "The Turkish cosmetics market is expanding strongly and has a very large growth potential,"​ said Patrick Rabain, L'Oreal's consumer products president. "The acquisition of Canan will bolster our positions in hair care products, the largest segment in the market." ​ Rabain added: "With its commercial dynamism and its extensive presence in retailing channels, Canan will also accelerate the development of the division's other brands." ​ L'Oreal expects the acquisition of Canan, which includes Canan Kozmetik, Canan Pazarlama and Seda Palstik, to begin to add to the company's sales figures in 2009. L'Oreal's acquisition of Canan follows Beiersdorf's purchase of an 85 per cent stake in C-Bons Hair Care for €269.45 last month. Both the global cosmetics companies are looking to pursue high growth in hair care and emerging markets.

Related news

Show more

Related products

show more

See Our Color Changing Glitter Peel-Off Mask

See Our Color Changing Glitter Peel-Off Mask

Tagra Biotechnologies | 22-Jun-2020 | Product Presentation

Tagra’s color changing CameleonCapsTM are enjoyed by formulators and customers alike. From color changing masks, to face washes, and even hand sanitizing...

schülke’s choice for textured hair care

schülke’s choice for textured hair care

Schülke & Mayr GmbH | 24-Feb-2020 | Product Brochure

When it comes to textured hair care, conditioning and styling products are of particular importance. As those products often have a pH value of 4.0-5.5,...

Beauty Tech Unboxed: innovation for the digital age

Beauty Tech Unboxed: innovation for the digital age

Sagentia Limited | 13-Jan-2020 | Research Study

Sagentia recently conducted quantitative and qualitative research with more than 2,000 UK adults. Our aim was to drill down into the basics of what digital...

BENTONE GELS® for D5-Free Formulas

BENTONE GELS® for D5-Free Formulas

Elementis | 26-Nov-2019 | Product Brochure

Newest SILICONE offering for D5 alternative formulations BENTONE GELS create a light texture with dewy finish. An improved spreadability of 30% higher...

Related suppliers

Follow us

Clean & Ethical Beauty Video Series



View more