Part of the report related to IranFIC: Global names enter Iran
According to Ali Darzi, the Founder and Principal of Tehran-based investment promoter Iran Foreign Investment Consultants (IranFIC), international business delegations are arriving in Iran to explore business opportunities in cosmetics and this very much includes skin care. “Some world-renowned companies like French cosmetics chain Sephora have shown interest in entering into the huge cosmetic market of Iran. Recently, some well-known companies from Italy, like Versace and Roberto Cavalli, as well as German cosmetics ingredient company Symrise AG have opened offices in Tehran,” Darzi says. Further companies are preparing to open offices in Iran too, revealing their growing confidence in the Iranian market, he notes.
Well-known cosmetic brands from around the world have a special interest in Iranian consumers, adds Darzi, so companies especially from “Italy and France with world-renowned luxury goods have more opportunity for investment in Iran,” he says. And from a legal point of view, on an international level, Iran has signed more than 60 international investment agreements (IIAs) which itself could play an important role for attracting, promoting, and protecting foreign investment in the cosmetic sector.
On the national level, Iran has enacted a special ‘foreign investment promotion and protection’ law, strengthening confidence abroad that sinking money into Iran is safe, Darzi says. And recently, the Iranian government approved a decree which removed limitations on purchasing luxury goods by Iranian people – a host of moves that could spur foreign investment in the cosmetic market.