Brazilian cosmetics company Grupo Boticario is considering domestic and foreign acquisitions as industry competition intensifies, its chief executive announced.
The company is a major rival to Brazil’s Natura, which became the world’s fourth-largest beauty group after acquiring Avon Products last year.
“It is our duty to evaluate everything out there in the market,” CEO Arthur Grynbaum said at a press conference, citing increased competition since the Avon-Natura merger.
Brazilian newspaper Valor Economico quoted Grynbaum as saying on Thursday, February 13, that Boticario was eyeing the purchase of US-listed Coty’s Brazilian operations to increase market share in hair care. A press representative confirmed his remarks.
Grynbaum told journalists that Chinese rivals have been posing a challenge with cheaper products in multi-brand shops.