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Latin Beat: Latin American Market is Showing Strength
By: Cristina Kroll
Posted: June 9, 2008, from the June 2008 issue of GCI Magazine.
page 3 of 4
Smashbox Cosmetics products will be available in Argentina through retailers Patio Bullrich and Galerías Pacífico. The brand was created and launched by Davis and Dean Factor, great-grandsons of the legendary Max Factor.
Brazil Expected to Lead Cosmetic Industry
According to a report from Euromonitor International, Brazil is expected to add $9.5 billion to global sales over the next five years, supplanting China as the number one contributor to future growth. Cosmetics have taken off in Brazil in recent years, as the country became a region of interest to both cosmetics manufacturers and suppliers looking for unusual raw materials in the Amazon. Worldwide, the cosmetics and toiletries market grew 6% in 2007—boosted, in particular, by sun and skin care sales.
Givaudan´s Figures in Latin America
Givaudan’s 2008 first-quarter sales in Latin America showed double-digit growth in the previous year. The consumer products business of the Swiss beauty company reported “a good performance” due to the strong development of international customers in regions such as Mexico. The previous strong growth of the company’s fine fragrance division in Latin America, however, could not be repeated, and sales development was flat. The acquisi- tion of Quest International (the fragrance and flavor business of Imperial Chemical Industries) in 2007 did contribute to strong overall sales. The company achieved worldwide sales of CHF 1,052.8 million in the quarter—an increase of 27.2% in local currencies.