Greece is the Word at Shiseido

2009-11-04 | 06:24

Company forms JV with Athens firm to grow sales.

Looking to grow sales in the country, Shiseido International Europe S.A. has inked a a joint venture agreement with Gerolymatos Cosmetics S.A., a cosmetics importer based in Athens, Greece.

The joint venture, Shiseido Hellas S.A., will start operations in January 2010. Shiseido will control 51% of the company.

Shiseido began selling cosmetics products in Greece through a distributor in 1991.By undertaking direct operations through a joint venture, the company plans to establish a sales organization that is "intimately connected to the market" and will "ultimately to increase sales by creating an enhanced presence for the Shisedo brand."

Gerolymatos Cosmetics is a subsidiary ofAlapis S.A., a manufacturer and distributor of pharmaceuticals, parapharmaceuticals, veterinary pharmaceuticals, cosmetics and detergents.