The L’Oréal group has signed an agreement to acquire 100% of the Turkish haircare products company Canan*.
Founded in 1981, Canan achieved sales of 26 million euros in 2006, mainly through its brand Ipek which is in 4th position in the mass-market haircare segment.
According to Patrick Rabain, President Consumer Products, "The Turkish cosmetics market is expanding strongly and has a very large growth potential. The acquisition of Canan will bolster our positions in haircare products, the largest segment in the market. With its commercial dynamism and its extensive presence in retailing channels, Canan will also accelerate the development of the Division's other brands."
* This agreement concerns the following companies: Canan Kozmetik, Canan Pazarlama and Seda Plastik.
November 15, 2007