PARIS (Reuters) - French cosmetics retailer Sephora LVMH.PA will postpone the opening of several retail outlets in Iran to end-2017 from 2016 as initially planned because the right financial and political conditions are not yet in place, sources said on Monday.
“Nothing will happen until the second half of 2017 at the earliest because conditions are not yet in place for things to happen,” one of the sources close to the matter told Reuters.
Sephora, part of luxury industry leader LVMH with around 2,000 outlets worldwide, is keen to build its presence in Iran where there is huge demand for cosmetics and especially make-up.
Reporting by Pascale Denis; Writing by Bate Felix; Editing by Leigh Thomas
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