Beauty industry booming in Brazil

February 15, 2013
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Beauty Industry

Of the many industries taking advantage of Brazil's rapidly emerging economy, beauty and fashion are leading the charge. With the help of a Brazilian attorney, U.S. companies looking to capitalize on the growing market will have a chance to do so once they learn the country's business laws.

According to a report from the Associated Press, beauty product sales hit $43 billion in 2011, which represented a growth of roughly 142 percent over a five-year period. Should these numbers continue to climb, Brazil will surpass Japan in the near future to become the world's second-largest beauty market.

Hana Ben-Shabat, a partner in the retail practice of global marketing consultancy A.T. Kearney, told the AP that Brazil's burgeoning interest in the fashion industry has allowed it to compete with some of the globe's top markets.

"The potential in Brazil is really significant. The demand is high and continuing to grow,” Ben-Shabat, said. “It's incredible because the consumption per capita is very close to what you're seeing in places like America and the UK. The population is very fashion-forward.”

In the coming years, beauty companies will have even more opportunities in Brazil. The 2014 FIFA World Cup and 2016 Summer Olympics will be high-profile affairs with celebrities traveling to the country in droves. That fact alone will likely lead to success for U.S.-based beauty product manufacturers that expand into Brazil.

Of course, no international growth strategy can be successful if the individuals in charge of the move don't have a solid understanding of their new country's business laws. Working with a Brazilian lawyer will give professionals the opportunity to learn all business regulations before setting up shop. This will start the international business venture off on the right foot, and go a long way toward ensuring success.

 

 

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