Sephora Buys Turkey's Cosmetics Retailer Tekin Acar

April 18, 2017: 12:00 AM EST

Beauty company Sephora has acquired Turkey-based cosmetics retailer Tekin Acar. Subject to approval by the country's Competition Board, the sale came several months after Tekin Acar chief executive Tekin Acar revealed his company and the market were “facing difficulties.” According to the executive, a growing number of local retailers are having financial difficulties.