France’s top luxury brands are hoping to carve out a slice of Iran’s rapidly growing cosmetics market – now the seventh largest in the world with annual sales of US$1.5 billion.
According to a video report published by France 24, the country’s main business lobby Medef is scheduled to visit the country on Monday, ending years of international sanctions and opening up the market to global brands.
Iranian women are notorious consumers of cosmetics and fragrance, with the average shopper purchasing some 22 bottles of perfume a year, according to France 24, a profitable cry from the paltry three bought by French women annually.
Until now, Iranian shoppers have relied on unauthorised dealers to meet their demand for make-up, skin care and fine fragrance with a third of all products on the market thought to be counterfeit. However, with shopping centres opening in the capital and international brands slowly entering the market, changing purchasing habits are likely to reverse the trend.
