Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Naghi Group, L'Oreal join hands to boost Saudi cosmetic market  Join our daily free Newsletter

MENAFN - Arab News - 15/11/2012

No. of Ratings : 0
Add to Mixx!


 


Mohamed Yusuf Naghi, chairman of MYNG, second left, shakes hands with L’Oreal Group Executive Vice-President of Africa and Middle East Geoff Skingley, second right, after signing the agreement in Jeddah on Wednesday, while Zouhair Eloudghiri, executive vice-president of MYNG, left, and Therry Hossain, executive vice-president of L’Oreal Middle East look on.
(MENAFN - Arab News) Mohamed Yusuf Naghi Group (MYNG) and L'Oreal announced the signing of a joint venture agreement to inaugurate L'Oreal KSA on beauty category and market yesterday at Park Hyatt hotel in Jeddah.

Representing L'Oreal Group, Executive Vice-President of Africa and Middle East Geoff Skingley said that "The aim of the joint venture is to develop a global market for nutritional supplements for cosmetic purposes.

The plan is to boost Saudi cosmetic market and double the sales by 2015, through L'Oreal's 20 locations and 13 warehouse in the Kingdom," said Skingley.

"These nutritional supplements, resulting from research, are intended to improve the quality of skin, hair and nails by supplying nutrients essential to their structure. Our passion to achieve excellence, innovation and prosperity,." he added

Mohamed Yusuf Naghi, MYNG chairman, spoke about enriching Saudi retail market by inaugurating new cosmetic market with the purpose of boosting Saudization, employing more Saudi women, and supporting SMEs.

"Our priority is to achieve Saudization among our branches, enable women to work in Saudi beauty sector and boost SMEs at the same time," he said.

He added, "We have further programs to boost SMEs and launch more initiatives in the Saudi community. We believe that our role in CSR is essential, which is why we are planning to establish an academy to train young Saudis, pharmacists, and experts in the beauty field," said Mohamed Yusuf Naghi.

Arab News have had an exclusive interview with Skingley in which he stressed on the importance of gross domestic product. "GDP is an important issue, as it affects cosmetic sales.

But the growth, and the size of population are far more important factors for us, because we need to know the potential number of consumers in Saudi Arabia. In Saudi Arabia there are large numbers of consumers as well as strong GDP.

This is why we are looking forward to double our sales during the next three years," he said.

When asked about L'Oreal and MYNG future plans concerning the opening of a new cosmetic market in Saudi Arabia to match the high purchasing power on major beauty and skin care products, Skingley said that L'Oreal KSA has two main aims.

"The first is to go deeper in Saudi market and reach more women in salons, pharmacies, stores and towns, because till today L'Oreal touches only a certain segment of Saudi women," he said.

The second priority, according to Skingley, is to increase the number of available products. He stressed that L'Oreal always care about the quality guarantee, which is why they produce their products in their own factories.

He also stressed that such a strategy could help L'Oreal to avoid having counterfeit goods. "All of our products are healthy and trustworthy," he said.

Skingley stressed that the new Saudi generation became more concern about having healthy-cosmetic products. Getting access to such products depends on the marketing strategy in salons, pharmacies, and malls.

"Cosmetic sales in Saudi Arabia are not affected by inflation, rather they are affected by lack of consumer education.

The important step is to enable more Saudi women and men to try beauty products and to know how these products react to hair, skin, and how to achieve a unique look.

I think we have a big task before our hands, that is to educate Saudi women as best we can through direct contact and Internet, then comes the objective to raise our sales rate," he said.

The trend and growth of cosmetic market in Saudi Arabia is constant and accelerating. Therefore, Skingley believes that there are big opportunities for women to own their salon and beauty business.

"Involving more working Saudis in cosmetic marketing, pharmacies and salons is really possible. However, L'Oreal has a very good experience worldwide, and we can boost cosmetic market in Saudi Arabia too," said Skingley.

L'Oreal is launching special products for Saudi women, which is why Saudi market will be enriched with the newest products. "We take in consideration three main elements: clients, customers and physical differences among users," he said.

Retails in Saudi Arabia is already moving, and distribution now is more organized. Marketing opportunities are now expanding as well, where we prefer to be good partners to maximize the health and beauty environment in Saudi Arabia, said Skingley.

 






  MENA News Headlines
Apr 23 2014Omantel launches service package for youth ,MENAFN
(MENAFN) Omantel announced launching 'Ozone' plan, a new package designed especially for the youth. This comes with the company"s constant efforts to enhance the communication needs of its customers, ...

Apr 23 2014Dh154 billion for Arabtec projects ,Khaleej Times
(MENAFN - Khaleej Times) Arabtec will spend dh140 billion on building one million low-cost houses in egypt and dh14 billion on five mixed-use residential projects in abu dhabi and dubai its chief ...

Apr 23 2014?Titli? makers excited about Cannes selection ,Khaleej Times
(MENAFN - Khaleej Times) The movie about the badlands of delhi?s dystopic underbelly will be in competition as part of the un certain regard section of the 67th cannes film gala to be held may ...

Apr 23 2014Saudi- Yaroub Bashraheel: In search of peace ... underwater ,Arab News
(MENAFN - Arab News) You've heard of diving snorkeling and other water activities but rarely has anyone heard of free-diving. it's a form of diving underwater without the aid of any breathing ...

Apr 23 2014Saudi- Schneider highlights intelligent health care solutions at forum ,Arab News
(MENAFN - Arab News) Schneider electric a global specialist in energy management is set to showcase its leadership in intelligent health care solutions at the second saudi forum for planning and ...

Apr 23 2014Saudi- Divorcees can seek housing ,Arab News
(MENAFN - Arab News) The kingdom will accept applications from saudi divorced women and widows for financial and housing support said justice minister muhammad al-issa.al-issa called on applicants ...

Apr 23 2014Saudi- New passport office opens at Red Sea Mall ,Arab News
(MENAFN - Arab News) The passport department has opened a new office for citizens and residents at the red sea mall.gen. abdul rahman bin abdullah al-tuwairki deputy director general of the ...

Apr 23 2014Kowait- Police deportation powers curbed ,Arab Times
(MENAFN - Arab Times) Kuwait city april 3 (afp): kuwaiti police will no longer be able to deport expatriates without interior ministry approval under new rules published thursday after officers ...

Apr 23 2014Kowait- Amiri Diwan urges all off tape case ,Arab Times
(MENAFN - Arab Times)  kuwait city april 9 (agencies): the amiri diwan has called on everybody to steer clear of the controversial tape issue and let the public prosecution take the necessary ...

Apr 23 2014Saudi Savola Group revenue up 43 pct in Q1 ,MENAFN
(MENAFN) Saudi Arabia's Savola Group registered a 43 percent increase in profits in the first quarter, well over expectations of analysts, Arabian Business reported. According to a statement to ...

Apr 23 2014Tamouh steps up activity on projects ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi-based real-estate developer tamouh has scaled up construction activity on all of its announced reem island projects to meet the rising demand for prime spaces in ...

Apr 23 2014Dewa and GE explore collaboration opportunities ,Khaleej Times
(MENAFN - Khaleej Times) Saeed mohammed al tayer managing director and chief executive officer of the dubai electricity and water authority (dewa) recently received a ge delegation to explore ...

Apr 23 2014Sale of Gate Towers penthouses launched ,Khaleej Times
(MENAFN - Khaleej Times) Aldar properties has launched the sale of 21 exclusive duplex penthouse apartments at gate towers the penthouse collection in shams abu dhabi on al reem island. one of ...

Apr 23 2014ADCB profit grows 26% in first quarter ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi commercial bank?s profit grew 26 per cent in the first quarter of the year to dh1. however net profit rose 22 per cent year-on-year. non-interest income was 24 ...

Apr 23 2014'Piles and piles' of bodies in S. Sudan ,Arab News
(MENAFN - Arab News) Nairobi: gunmen who targeted both children and the elderly left 'piles and piles" of bodies — many of those in a mosque — in a provincial capital in south sudan the un's top ...

Apr 23 2014Local international companies come out in force ,Khaleej Times
(MENAFN - Khaleej Times) Cityscape abu dhabi has started showing stronger interest from property developers who have showcased their upcoming projects. the three-day realty show was opened by ...

Apr 23 2014Here?s your chance to share screen space with SRK ,Khaleej Times
(MENAFN - Khaleej Times) Groupon india has joined hands with srk?s red chillies entertainment to give fans a chance to feature with the superstar in his upcoming film ?happy new year?. if you ...

Apr 23 2014Saudi- Noha Al-Sharif — an expert in Islamic sculpture ,Arab News
(MENAFN - Arab News) Saudi sculptress noha al-sharif is known for her islamic inspired sculptures that reflect both religion and lifestyle. the concept of modern art attracted her to this medium ...

Apr 23 2014ADCB NIC in Dh950 million deal ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi commercial bank or adcb this week inked a dh950 million term facility to provide national investment corporation or nic the developer of the breakwater area in ...

Apr 23 2014Gitex Shopper Spring 2014 to open doors today ,Khaleej Times
(MENAFN - Khaleej Times) Gitex shopper spring 2014 is set to open doors today with best bargains on latest tech products along with millions of dirhams worth of prizes during the four-day ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help