Shiseido has announced that starting January 2011, it will commence sales of its prestige skin care and makeup lines in Panama. It will be the first market entry of a Japanese premium cosmetics company in the Latin American country.
Latin America is emerging as a most attractive beauty market, beating North America, Western Europe and Japan. While global beauty sales are expected to gain 12% through 2014, Latin American sales are predicted to surge ahead by 22%, according to the London-based research firm Euromonitor International. Brazil remains the number one beauty market in the region, with Peru and Colombia close behind.
Panama will be the fourth country in Latin America where Shiseido is present, the others being Brazil, Mexico and Colombia. The beauty brand said it decided to invest in Panama given the country's stable economic growth since 2004, excluding the global recession in 2009. Shiseido sales will be handled in Panama by the WISA Group, a leading Colombian distributor for prestige cosmetics product sales in Latin America. Sales will initially be launched in five high-end speciality stores, with no standalone boutiques planned at this time.