Oriflame expands business into East Africa
Oriflame Cosmetics is expanding its operations into East Africa by acquiring its businesses in Kenya, Tanzania and Uganda previously run by a franchisee.
The acquisition is said to be in line with Oriflame’s strategy of further expanding its geographical footprint in global growth areas by making in-roads into Sub-Saharan Africa.
“We have a long term commitment to develop the direct sales of cosmetics on the African continent and look forward to continued success in this region,” says CEO Magnus Brännström.
According to Oriflame, the acquisition concluded on the 29 May will run operations in three separate legal entities managed from Kenya and will be part of the EMEA region as from the second quarter 2012.
The acquired entities are not expected to have a material impact on the group’s financial statements of 2012.
