BW Confidential: Colombia Beauty

Colombia’s beauty market continues to report solid growth and is beginning to attract more attention from foreign players. Beauty and personal care retail sales there were up by 7% in 2011 to $3.76 billion, according to Euromonitor. Colombian women have always been big buyers of beauty, but are said to have doubled their spend in the category over the past four years. John Jimenez, principal scientist, skincare, of Belstar, Belcorp’s Colombian subsidiary, explains: “There is an increase in purchasing power, which is resulting in more consumption, so consumers have new quality benchmarks for cosmetics.”