France's Sephora acquires Turkey's Tekin Acar Cosmetics

Prominent Turkish cosmetics retailer Tekin Acar has been acquired by France's Sephora, with both companies applying to Turkey's Competition Board for approval of the sale. 

The sale comes months after Tekin Acar boss Tekin Acar told journalists that both the sector and his business were facing difficulties. 

"This is the first time that I am having difficulties in paying my rents and employee's salaries," he said in January. "I am not George Soros, and this is all I can do." 

The chair of Tekin Acar Cosmetics and vice chair of the Category Merchandising Association also said there was a rising number of financially distressed retailers and that various uncertainties would likely trigger an outflow of foreign investments. 

"We have never faced such uncertain times. We don't even know which new regulation will come out next. No investor will pour money into a country where anything can happen at any time. I am not just talking about the foreign exchange pressure or high rents," Acar told reporters on Jan. 20, as quoted by Reuters. 

Sephora is a French chain of cosmetics stores founded in 1969. Featuring nearly 300 brands along with its own private label, Sephora offers beauty products including makeup, skincare, body, fragrance, nail color and haircare. It is owned LVMH, a French multinational luxury goods conglomerate headquartered in Paris.