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Sephora Announces Plan To Open Stores In Iran In 2016

October 30, 2015: 12:00 AM EST
French beauty retailer Sephora plans to open several stores in Iran starting in 2016. Owned by luxury market leader LVMH, Sephora operates about 2,000 cosmetics stores worldwide. Iran has a population of almost 80 million, making it the second biggest cosmetics market in the region after Saudi Arabia, with annual sales of more than €3.5 billion in 2014, according to Euromonitor. With the country signing a nuclear deal with the United States and other world powers, Iran’s beauty and personal care market is forecast to treble to more than €10 billion in the next five years, the market research firm said.
Astrid Wendlandt and Pascale Denis, "Exclusive: France's Sephora to open shops in Iran next year - sources", Reuters, October 30, 2015, © Thomson Reuters
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