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Avon and Korres Join Forces to Enter Latin America
By: Cristina Kroll
Posted: April 28, 2014, from the May 2014 issue of GCI Magazine.
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Imported beauty products are included on Ecuador’s foreign trade resolution on a list of products that has to fulfill INEN quality requirements to be commercialized in the country. The regulations mean that, to be sold in Ecuador, these products must list ingredients and must be free of microbiological pollution and bacteria that could cause skin damage.
Peruvian Beauty Exports Increase
Peru’s beauty products exports are expected to rise by 10–12% this year, with growth falling back to 2012 values. The Peruvian Cosmetic and Hygiene Committee (Copecoh) of the Trade Chamber from Lima (CCL) has estimated total exports will rise to $160 million.
Committee president Ángel Acevedo told Peruvian magazine Gestión to expect a rise of 12% in the first semester and a lower increase in the second. The aim remains to hit a figure of $3.5 billion by 2017, although Acevedo recognized the speed of growth had slowed down. The industry saw exports grow by 23% in 2011 and 43% in 2013. He put the deceleration down to import restrictions and the renewed priority given to local industry in countries like Argentina, Bolivia and Ecuador.
Acevedo also highlighted the importance of the beauty and cosmetics sector to the national economy and said Copecoh was turning its attention to Europe in the search for new export markets, with all the quality requirements that may imply.
Cristina Kroll is a business journalist specializing in the beauty sector and living in Buenos Aires, Argentina. She has written for the main Argentine magazines related to the beauty business, and was a correspondent for French magazine Beauty Business News.