Yves Rocher buys 51% stake in cosmetics manufacturer Flormar

Yves Rocher, the France-based cosmetics manufacturer, has acquired 51% stake in Turkey-based beauty products manufacturer Flormar, for an estimated $150m.

According to the company, the remaining 49% stake will be vested with Flormar’s current owner, Sami Senbay, reported the newspaper Hurriyet daily news.

The company said once the deal is completed, Senbay and his two sons, Cem and Alp Senbay, will manage Flormar.

Flormar executive board told the newspaper that the company had viewed Yves Rocher Group offer as an investment opportunity.

"Flormar, as a cosmetics label, completes the Yves Rocher label. With its well-known label abroad and its diverse portfolio of products and success, we believe that the Yves Rocher Group is a very strategic partner for Flomar," said the board.

Yves Roche said that over 50% of Flormar’s products were exported to the countries outside of the eurozone, which include high growth markets like the Middle East, Africa and Eastern Europe.

According to the company, with the new partnership, the group will become more balanced in the international markets.

Flormar, founded in 1972, has more than 98 of its own brand shops in Turkey and more than 200 shops abroad.

The company exports its products to more than 60 countries on four continents with sales of more than $100m annually.