The French perfume and cosmetics chain Sephora plans to open several shops in Iran starting next year, according to a report from Reuters.
The company, part of luxury industry leader LVMH, is keen to build its presence in Iran where there is a huge appetite for cosmetics and especially make-up.
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 of more than $3.8 billion last year, Euromonitor expects the market to nearly treble in the next five years.
Reza Miremadi, who distributes L’Oreal‘s mass market brands such as Maybelline and Garnier in Iran, said “we estimate that women, whatever their revenue level, spend as much as a third of their income on beauty.”
Executives from Dior, Louis Vuitton and Bulgari are also expected to visit Iran soon, while French trade group Comité Colbert, which represents 80 luxury brands, said it was planning to organise a trip in the spring.