Beauty retail giant Sephora is set to acquire Turkish cosmetics retailer Tekin Acar Cosmetics following approval from the Competition Board. 

The sale follows the closure of many Tekin Acar Cosmetic stores as the company struggled to stay afloat due to exchange rate increases and legal regulations. Cancellations of contracts and further planned closures have led to rumors circulating of bankruptcy. 

The acquisition news follows company boss Tekin Acar’s statement to Reuters earlier this year that the company’s troubles ran further than exchange rates. He said, “We have never faced such uncertain times. We don’t even know which new regulation will come out next. No investor will pour money into a country where anything can happen at any time. I am not just talking about the foreign exchange pressure or high rents.”