French cosmetics group Yves Rocher has bought a 51 percent stake in Turkish beauty products company Flormar in a deal estimated at $150 million, the Turkish press reported Thursday.
ANKARA- "Following this transaction the current shareholders will hold 49 percent of the capital and will have full management autonomy and responsibility," said Yves Rocher in confirming the deal.
With sales of more than $100 million per year, the brand controlled by the Senbay family since 1972 exports its products to more than 60 countries on four continents.
It has more than 98 of its own brand shops in Turkey and more than 200 abroad.
Yves Rocher said Flormar products are very competitive on a quality/price basis and complementary to its own.
The French company said the acquisition is part of its plan to expand abroad, with Flormar generating more than half of its sales outside the eurozone in countries experiencing strong growth.