South Korean Kolon Global is planning entry to the Iranian market, according to a report published by Pulse News. The retail arm of Kolon Group is said to have signed a memorandum of understanding with a local retailer to establish a US$10 million cosmetics joint venture in Iran.

The company is thought to be opening a cosmetics store to test the market, before establishing a manufacturing base in the country.

Kolon will supply merchandise, and run the retail business jointly with its local partner. The company’s ultimate goal is to launch a dedicated line of cosmetics for the Iranian market.