Brazilian based cosmetics, fragrances and skin care brand O Boticário has entered into licensing agreement with retail investment and management firm Millennial Capital for a period of 5 years to develop its business in the Middle East.
The first O Boticário branded store in the region is expected to open in Mirdif City Center (Dubai, United Arab Emirates) in September 2018, followed by a second location by the end of the year. O Boticário and Millennial Capital have agreed on the UAE development plan which will include a minimum of 5 locations for branded stores, online partnerships with leading e-commerce portals, and stores-in-stores in department stores and pharmacies. Expansion to Saudi Arabia is also planned by the end of 2019.
“We are very excited with the partnership with Millennial Capital Ltd. and with the idea of bringing our products and new store concept to the region, we see a big potential in the UAE and other GCC markets and we believe our brand will add with a differentiated value proposition for our customers in this part of the world,” commented Andrea Gutierrez, Boticário Group.
The Boticário Group is the second largest Brazilian cosmetic company with a 20% market share in Latin America. Globally, it has 4,070 stores in Brazil, Portugal, Colombia, Bolivia, Paraguay, Costa Rica, Venezuela and Japan. The company market all categories of beauty and personal care products, including the fragrance brands Malbec, Lily and Floratta. Market research firm Euromonitor estimates the beauty and personal care sector in the Middle East at USD 6 billion with fragrances being the largest and fastest growing category.