PARIS — L'Oréal has inked a deal to acquire Turkish hair care company Canan, the French beauty giant announced Thursday.
Istanbul-based Canan ranks fourth among mass market hair care brands in Turkey, generating sales of 26 million euros, or $32.6 million at average exchange, last year, mostly through its Ipek hair care brand, according to L'Oréal.
"The Turkish cosmetics market is expanding strongly and has a very large growth potential," said Patrick Rabain, president of L'Oréal's consumer products division, in a statement.
"The acquisition will bolster our positions in hair care products, the largest segment in the market," Rabain continued. "With its commercial dynamism and its extensive presence in retailing channels, Canan will also accelerate the development of the division's other brands."
The acquisition comprises Canan Kosmetik, which manufactures Ipek hair, body, skin and baby care products as well as Parmex nail polish remover; Canan Pazarlama, and Seda Plastik, an affiliate company that produces Canan's plastic packaging.
Canan will be consolidated when the transaction becomes final following customary governmental review, including antitrust clearance.
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