L'Oréal is moving into the Turkish personal care market with its latest acquisition. The beauty giant has announced plans to purchase Canan (Istanbul, Turkey), one Turkey's leading hair care companies.
Canan had a turnover of €26m in 2006, mostly through its Ipek brand, which is fourth in the country's hair care market. According to L'Oréal execs, the Turkish personal care market is rapidly expanding. The personal care giant is also looking to expand its stronghold in the hair care market.
The acquisition of Canan will include Canan Kozmetik, Canan Pazarlama and Seda Palstik. L'Oréal expects for the acquisition to boost its hair care sales.