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South Korea's E-mart to enter Saudi cosmetics market in 2018
November 27th 2017 | Multiple countries | Retail | Shinsegae Group
E-mart Inc will enter the Saudi Arabian cosmetics market next year, according to local media reports on November 23rd citing a company statement. The South Korean discount retailer plans to open its first Scentence-branded store in the capital city of Riyadh as early as March 2018, with five more stores expected by the end of 2018.
The retailer has partnered with Fawaz Abdulaziz Alhokair & Co, a local distributor, for its foray into the Saudi cosmetic market, which is projected to be worth US$36bn in 2020. The two companies had first announced an agreement in June. At the time, E-mart had said that it would launch its Sugarcup-branded makeup stores in the country.
E-mart, which is owned by Shinsegae Group, is looking to expand overseas after deciding to shut shop in China. In June, the South Korean company said that it would close all remaining stores in the country once the lease expires. The company has been closing stores in China since 2011, when it incurred a loss of W111.4bn (US$99.3m) on its operations in the country.
In July, E-mart forayed into Mongolia with a franchise agreement with Sky Trading, a local unit of Altai Group Ltd, a retail conglomerate. It opened its second store in the capital city of Ulaanbaatar in October.