Chalhoub Group enters the pharmacy sector
Middle Eastern luxury retailer Chalhoub Group has entered the pharmacy sector by signing a joint venture (JV) agreement with PATYKA, a French certified-organic and science-backed skincare brand.
Insights from Chalhoub Group’s proprietary research indicates that currently skincare is projected to be the fastest growing category in beauty. In addition, the pharmacy skincare sector in the GCC is worth approximately $1 billion indicating the significance of this market. With the rising demand for clean and sustainable brands PATYKA will introduce a range of science-backed, organic products to meet the regional consumer needs.
“We are thrilled to have been chosen by PATYKA as their partner in the Middle East, and to be given an opportunity to contribute to this great brand’s growth in our region. We share with the PATYKA team similar values, this willingness to help our consumers take good care of their skin, and a vision for the long term with great quality products built in a consumer-centric way,” said Michael Chalhoub, President of Joint Ventures and Strategy, Growth, Innovation and Investment at Chalhoub Group.
Chalhoub Group aims to make PATYKA products available at pharmacies and stores across the UAE, Bahrain, Qatar, Kuwait, and Saudi Arabia by June 2023.
“We are excited to partner with Chalhoub Group and bring PATYKA to the Middle East market. PATYKA is committed to long-term investments and strategic partnerships, and we believe that our joint venture will bring a key brand to the region, continuing to address the evolving needs of customers and meeting the growing demand for high-quality, science-backed clean beauty products built on a foundation of ethics,” added Pierre Juhen, CEO, Finoli Group.
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