Looks like Sephora is the most recent beauty company to get in on the M&A action.
According to the Hurriyet Daily News, a news source for Turkey, Sephora and Turkish cosmetics retailer, Tekin Acar, have applied to Turkey’s Competition Board, for approval of the sale.
The article also states that Tekin Acar has been facing financial difficulties lately and was wrestling with the challenges that the loss of foreign investments would have on the company.
Tekin Acar, the boss of Tekin Acar, was quoted by Reuters on January 20 saying, “We have never faced such uncertain times. We don’t even know which new regulation will come out next. No investor will pour money into a country where anything can happen at any time. I am not just talking about the foreign exchange pressure or high rents.”