LVMH-owned perfumery chain Sephora is planning to open its first doors in Iran next year, according to an exclusive report published by Reuters in order to profit from Iranian consumers’ insatiable appetite for cosmetics.

According to Euromonitor, Iran’s beauty and personal care market – already the seventh largest worldwide – is expected to nearly treble by 2020 as sanctions lift and more and more multinationals enter the market.

According to the Reuters source, Sephora is finalizing talks with its Iranian partner and distributors, and is hoping to open up to seven perfumeries over the course of 2016.