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L'Oréal Expands Africa Presence; Other Cosmetics Giants Not Far Behind

August 22, 2013: 12:00 AM EST
L'Oréal Group is expanding its business operations in Africa, as demand grows strongly for international cosmetics brands from the continent's growing middle class. L'Oréal has acquired subsidiaries in Nigeria, Egypt, and Kenya in the past two years, as well as established distribution hubs in South Africa, Ghana, and Morocco. Africa's top 18 cities are forecast to have a combined spending power of $1.3 trillion, according to the Economist Intelligence Unit. Euromonitor International expects the beauty and personal care market in the Middle East and Africa to grow by $7 billion in 2012–2017. Estée Lauder is also expanding its operations in Africa. With a market capitalization of about $20 billion, and reporting an 84 percent increase in fourth-quarter profit, driven by growing sales in emerging markets, such as China and Brazil, Estée Lauder opened its first MAC store in Lagos, Nigeria, in 2013.
Zeenat Moorad , "L'Oreal believes Africa is open for business", Financial mail, August 22, 2013, © BDFM Publishers (Pty) Ltd
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