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Turkish Cosmetic Companies Eye Kingdom

Summary

Leading Turkish cosmetic companies are seeking partners in Cambodia to cash in on the booming economy and the growing demand for European cosmetic products.

Updated on : 24-12-2015


Turkish Cosmetic Companies Eye Kingdom

Turkish Cosmetic Companies Eye Kingdom

Khmer Times/Sok Chan
Tuesday, 01 December 2015

Leading Turkish cosmetic companies are seeking partners in Cambodia to cash in on the booming economy and the growing demand for European cosmetic products.


Soung Sreyroth, an assistant store manager with Ucarepharma, the local health and beauty care company which runs U-Care stores, told Khmer Times at the Turkish-Cambodia Cosmetic Cluster Business Matching conference yesterday that Cambodians were increasingly looking to foreign cosmetics and health products.


She said the trend included men as well as women.“Ucarepharma imports products mostly from France, the US and South Korea.


“But Turkey is our next target since the quality of their products is comparable to countries in Europe and ASEAN countries,” Ms. Sreyroth said. 


“I will bring representatives from a few Turkish cosmetic companies to introduce them to my board to consider cooperating with them.”


AROMAKING (Cambodia) managing director Pat Samedy also sees an increase in the local taste for European cosmetics among women and men here. The company imports from Bulgaria, among other countries.


“Turkish cosmetic products are new and very attractive in terms of both quality and price,” he said. “I am studying to work with them to import cosmetic products to the Kingdom.”


The Turkish Globrand Strategy and Consulting Company said bilateral trade in cosmetics was less than $1 million. This compares with Turkey’s total exports of such products to European countries of $1.2 billion.


Istanbul Chemicals and Chemical Products Exporter’s Association chairman Murat Akyuz said the conference was aimed at matching Turkish business with local partners in a strong potential market.


“Most of the 21 Turkish cosmetic companies are here for the first time because they want to understand the Cambodian market, to get new contacts, and to get new sales channels,” Mr.Akyuz said.


“The second step is trying to get a reliable partner to joint-venture and create new investment with local cosmetic companies in Cambodia.”


Mr. Akyuz said Turkey accounts for only 1 percent of Cambodia’s imports of cosmetic and beauty products, but companies there aim to increase that share to 5 percent within five years.


‘No Longer ‘a Luxury’


Globrand Strategy and Consulting general manager Metin Cobanlioglu said cosmetics in the past tended to be considered luxury items but now were seen as more of a necessity. 


“Cosmetics make people feel comfortable, so they are a necessity,” Mr. Cobanlioglu said. “They have a lot of potential.”


“The quality of cosmetic products selling on the market is really high, so in some developing countries, people tend to buy cheap local products,” Mr. Cobanlioglu said.


“But here in Cambodia, the quality of the products on the market is really good – you can buy European cosmetic brands at good prices,” Mr. Cobanlioglu said


Mr. Cobanlioglu more matching between companies in Turkey and Cambodia would increase trade volume and value from its current low levels.


Total trade between Cambodia and Turkey has been increasing and is expected to more than treble to $400 million by 2020 from about $125 million last year. Total bilateral trade between Cambodia and Turkey was just $5 million in 2005.

source: http://www.khmertimeskh.com/news/18245/turkish-cosmetic-companies-eye-kingdom/

 


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