The internationally renowned Brazilian fragrance brand O Boticário is set to foray into the Gulf region’s largest beauty market Saudi Arabia along with its Dubai-based partner Millennial Capital.

A memorandum of understanding (MoU) was signed recently with Saudi Arabia’s Al Malki Group (AMG) by the companies in this regard. The agreement aims at key commercial objectives towards the implementation of a national development plan for introducing the O Boticário brand in Saudi Arabia.

Saudi Arabia will be O Boticario’s second market in the Gulf after the UAE within a short span of time.

O Boticário operates two stores in the UAE at Dubai Mall and City Centre Mirdif along with trade marketing channels including Boots (Alshaya), Souq (Amazon).

O Boticário is the largest fragrance player in Brazil and has more than 4,000 stores across the globe. It is also the largest cosmetic franchise in the world with a 6 per cent market share in Latin America and an estimated $4 billion in revenue, according to Euromonitor International.

Last year, the Brazil-based cosmetics, fragrances and skin care company agreed to licence its exclusive brand rights and partner with Millennial Capital, a Dubai-based emerging retail, consumer, wellness and investment management firm, to facilitate expansion in the Gulf region.

Set up in 1952, Al Malki Group is one of the preferred retail and distribution partners for beauty brands having established successful partnerships with some of the world’s leading luxury brands including L’Oreal Luxe, Richemont Group

and Dior Beauty, among others in Saudi Arabia.