Paris: France's Sephora plans to open several shops in Iran starting this year, becoming one of the first major European specialist cosmetics retailers to directly invest in the country as it emerges from years of economic sanctions. Sephora, part of luxury industry leader LVMH, running around 2,000 outlets worldwide, is keen to build its presence in Iran where there is a huge appetite for cosmetics and especially make-up.
A Reuters report said last year that Sephora was hoping to open up to seven boutiques in Iran. Several managers from LVMH were also seen making trips to Iran in Sept. and Octi in 2015 and executives from Dior, Louis Vuitton and Bulgari had planned visits to examine investment opportunities, according to the report.
With a population of nearly 80 million, Iran is the Middle East's second biggest market for beauty products after Saudi Arabia with annual sales reaching more than 3.5 billion euros($3.86 billion) in 2014, according to market research company Euromonitor.
The Peninsula/ REUTERS
