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L’Oreal to Acquire Canan Hair Care Brand
L’Oreal has signed an agreement to acquire Turkish hair care products company Canan. In 2006, Canan achieved sales of 26 million euros, mainly due to its brand Ipek, which ranks fourth strongest in the Turkish mass-market hair care sector.
“The Turkish cosmetics market is expanding strongly and has a very large growth potential,” says Patrick Rabain, president, consumer products, L’Oreal. “The acquisition of Canan will bolster our positions in hair care products, the largest segment in the market. With its commercial dynamism and its extensive presence in retailing channels, Canan will also accelerate the development of the division’s other brands.”