France-based Groupe Rocher — owner of the brands Yves Rocher, Petit Bateau, Dr Pierre Ricaud, Stanhome and Arbonne and Sabon — has signed a share purchase agreement with a company composed by a consortium of three Turkish investors - Esas Private Equity, Tacirler Asset Management PE Fund I, and Credia Partners, with a view to selling its Flormar brand, the leading make-up brand in Turkey.
Group Rocher acquired a majority share of the capital of Flormar in 2012 before purchasing 100% of the company in 2021.
“For the past three years, Flormar’s leadership of the Turkish market was strengthened with a 5-point gain in market share, consolidating its position as number 1 in make-up in Turkey, its historic market,” said the Groupe Rocher in a statement.
The consortium plans further investments to continue the development of Flormar, which is very popular for its nail varnishes, pencils and lipsticks at low prices. The extension of the brand to new categories and its international expansion are under evaluation.
Groupe Rocher says this sale is part of its transformation announced last July. The aim is “to free up room for manoeuvre” with a view to investing in other priority projects, in particular in Asia. Despite Flormar’s growth potential, the group wants to refocus on its main brands.
Flormar also tarnished the image of Group Rocher when in 2020, French NGO Sherpa accused Kosan Kozmetik, the factory manufacturing the brand’s products, of not respecting the union rights of its employees. In 2022, Sherpa even took Groupe Rocher to court for lack of vigilance with regard to its subsidiary and suppliers.
