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Despite the general weakness of Mexico’s economy, the beauty industry will grow by 5.2% in 2012, up from the 5% achieved in 2011. Among the contributing factors are constant innovation and new and attractive product launches.
According to CNN Expansion, Mexico is number one in cosmetic exports throughout Latin America. Although Mexico’s own market is not strong, the country’s export capabilities and performance provides growth opportunities. In addition, the National Chamber of Cosmetic Industry (Canipec) noted the development of the beauty industry boosts the economy of the country as a whole.
Currently, the per capita consumption of beauty products in Mexico is US$78 while the per capita consumption in the entire Latin American market is more than US$110 annually, primarily due to Brazilian consumer beauty spending. The Mexican beauty industry has set a goal to grow the per capita spend in Mexico to approximately US$100 over a 5–10 year period.
After 56 years of leadership, María Cortés de Chaves, co-founder of Colombian-based beauty brand owner Vogue Cosmetic Laboratories SA, announced her retirement. Chaves has been recognized for her work and the impact the company has had on the Colombian economy with a number of high-profile awards, including “The Leading Women Entrepreneurs of the World” honor.
Chaves told Portafolio magazine that it is not yet clear if the company, co-founded by her husband, will remain under the control of her family, leaving the sale of the company to another corporation on the table. “If I was thinking about selling, it would be to a brand [owner] very familiar to us,” she said, explaining that she would want to guarantee the future potential of the brands she has nurtured.