SEPHORA MAKES MOVE INTO GREECE
PARIS — Sephora is continuing its march through Europe, this time heading south.
For the first time, the LVMH Moet Hennessy Louis Vuitton-owned perfumery chain with more than 300 doors worldwide is expanding into Greece via a partnership with Marinopoulos, a local selective distribution group.
The joint venture — called Sephora-Marinopoulos SA — was set up through LVMH’s Sephora Holdings subsidiary to “link all of their selective fragrance activities in Greece,” according to an LVMH statement issued on Monday.
The new group will comprise 51 stores that are expected to generate about $58 million in sales this year, the statement said.
“The new entity aims to become the leader in its market by expanding [Marinopoulos’s] Beauty Shop stores and developing the Sephora brand,” the release said. “Store opening plans and anticipated growth allow the group to expect significant increase in turnover and profits.”
This is not the first joint venture for Marinopoulos, which has teamed up with Carrefour for food distribution and Marks & Spencer for textiles.