Benefit and NYX Cosmetics expand in Colombia
San Francisco-based Benefit Cosmetics and LA-based NYX Cosmetics are diving into the Colombian beauty market with the announcement of plans for both brands to massively expand in the country over the next two years.
The Colombian beauty market has been in a state of flux as La Riviera pulled its brand presence out of the country after the Panamanian company's owners were accused of money laundering in 2016.
La Riviera's exit left a gap in the beauty market for Colombian customers that was filled when millennial brand Urban Decay entered the country. MAC Cosmetics also returned to the country with new franchise stores.
Benefit has been in Colombia for a year now. It first set up a shop-in-shop in Falabella's and then opened its own branded stores. Currently it has seven stores in three cities. The brand plans to open six additional new stores by the end of 2018 across major Colombian cities.
NYX has only been in Colombia for three months but it already has three stores. Thanks to the backing of parent company L'Oreal, NYX plans to add at least fifteen stores in Colombia by 2019. While not officially confirmed yet, there are rumors of plans to also add NYX shop-in-shops and branded locations in chain stores.
According to a study revealed by Colombia's La República, there are about 7 million millennial consumers who purchase more than 21 beauty products per year in addition to traditional buyers.
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