The deal is estimated to have been worth $150 million (€121m) and is a smart move according to Vivienne Rudd, head of Beauty and Personal Care insight at market researcher Mintel.
“With the Turkish beauty market growing 10 per cent annually, what a great time for Yves Rocher to buy 51 per cent of Flormar,” she tweeted.
According to Turkish news source daily Hürriyet, the remaining 49 per cent stake will remain with Flormar’s current owner, Sami Şenbay, and once the deal is complete, he and his two sons, Cem and Alp Şenbay, will manage the company.
“Flormar was viewed as an investment opportunity by the Yves Rocher Group. Flormar, as a cosmetics label, completes the Yves Rocher label,” says a Flormar Executive Board announcement.
“With its well-known label abroad and its diverse portfolio of products and success, we believe that the Yves Rocher Group is a very strategic partner for Flomar.”
The response from Yves Rocher states: “More than 50 per cent of Flormar’s exports are to countries outside of the eurozone and are high growth markets like the Middle East, Africa and Eastern Europe. With this partnership our brand will be more balanced in the international markets.”
Originally founded in Milan, Italy before moving its production to Turkey, Flormar exports its products to more than 60 countries on four continents, generating sales of more than $100 million per year.
It achieved success in its domestic market before expanding to the international markets, with its products existing in more than 40,000 stores around the world by its wholesales channels.