Sephora Announces Plan To Open Stores In Iran In 2016

French beauty retailer Sephora plans to open several stores in Iran starting in 2016. Owned by luxury market leader LVMH, Sephora operates about 2,000 cosmetics stores worldwide. Iran has a population of almost 80 million, making it the second biggest cosmetics market in the region after Saudi Arabia, with annual sales of more than €3.5 billion in 2014, according to Euromonitor. With the country signing a nuclear deal with the United States and other world powers, Iran’s beauty and personal care market is forecast to treble to more than €10 billion in the next five years, the market research firm said.