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Turkish and Spanish Beauty Companies Reach Successful Commercial Agreement

Bioform Cosmetics was founded in 1994 in Izmir to satisfy the domestic market's growing demand for health and beauty products and services. The industry in Turkey alone is worth over $100 million USD a year and is set to rise as consumer spending power increases. Originating from the chemistry and steel sectors, Ms. Nursel Altunkaynak created the company as part of the wider Bioform group. Their initial core business was the sale of cosmetics and beauty products but the company's continued expansion has led to their inclusion of professional health and beauty services. The company has since opened a private aesthetician and cosmetic school, as well as a wellness and spa centre. Bioform also maintains close links with Ege University's vocational school, helping students who wish to work in the beauty sector to gain valuable skills.

In April 2004 Bioform approached IRC-EGE looking for a new range of innovative cosmetic products for introduction to the Turkish market. After careful discussion, IRC-EGE initiated a search for European companies that could satisfy Bioform's needs and requirements. With the assistance of IRC-CENEMES and the use of IRC-EGE's own existing contacts, Corona de Oro was identified as a suitable candidate. The Spanish company, based in Alicante, produces innovative cosmetic products using plant and marine extracts. Many of these products are for treatments which, ordinarily, may only be prescribed by licensed medical professionals. Corona's products were thus unique in that they increased the availability of previously expensive and limited cosmetics within Turkey.

Following extensive discussions between the two companies, formal negotiations were conducted and translated by IRC-EGE. A successful negotiation period ensued and the two companies signed a contract for a commercial agreement with technical assistance in May 2005. Corona de Oro will now supply their products to Bioform for introduction to the Turkish market whilst providing technical training for the cosmetics' uses and application. This is IRC-EGE's 10th successful commercial agreement to-date and is a landmark in the centre's short history.