Rocher Group, owner of the Yves Rocher cosmetics chain, and the cosmetics brands Dr Pierre Ricaud, Sabon and Petit Bateau, has signed a sales promise with a consortium of three Turkish investors, Esas Private Equity, Tacirler Asset Management and Credia Partners, with the aim of selling the low-cost cosmetics brand Flormar to them.
Roche Group acquired a majority stake in Turkish company Flormar in 2012, before taking 100% control in 2021.
“Over the past three years, Flormar’s leadership in the Turkish market has been strengthened by a five-point increase in market share, reinforcing its position as the number one makeup brand in Turkey, its historical market,” Rocher Group said in a statement.
In addition to its presence in Turkey, Flormar is said to have over 1,750 stores worldwide. Additionally, business website Capital notes that Flormar “raised concern when the NGO Sherpa accused the group of not supporting the employees of its suppliers, particularly Kosan Kozmetik, which manufactures Flormar products.”
This was announced on May 22, less than a month before Flormar announced the sale of its factory in Ploermel, Morbihan, to the American group Arcade Beauty.
These investments are part of the Rocher Group’s transformation process, which aims in particular to address the erosion of its sales and changing consumer habits. The group indicates that this transformation “will provide it with room to maneuver to invest in its future, particularly in Asia, a strategic region for its development, while respecting its financial commitments.”
The Roche Group, which has nine brands in its portfolio, recorded sales of €2.2 billion in 2023.
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