Brazilian fragrance giant O Boticario is set to foray into the Gulf region’s largest beauty market of Saudi Arabia under a new deal with its Dubai-based partner Millennial Capital.
A memorandum of understanding has been signed with Saudi Arabia’s Al Malki Group (AMG) which has previously established successful partnerships with the likes of L’Oreal Luxe, Richemont Group and Dior Beauty in Saudi Arabia.
The agreement proposes a national development plan for introducing the O Boticario brand in the kingdom which includes a shops roll-out phase to position it among the top beauty brands in the country, a statement said.
The agreement also includes an omnichannel approach including sales in branded outlets in key locations, online sales, and departmental stores.
Saudi Arabia will be O Boticario’s second market in the Gulf region after the UAE where it operates two stores at Dubai Mall and City Centre Mirdif.
O Boticario is the largest fragrance player in Brazil and has more than 4,000 stores across the globe. It is also the largest cosmetic franchise in the world with a 6 percent market share in Latin America and an estimated $4 billion in revenue, according to Euromonitor International.
Last year, the company agreed to license its exclusive brand rights and partner with Millennial Capital to facilitate expansion in the Gulf region.