Cyprus Market

Cyprus is a small country with a population of 800,000 (est. 2009), but with a strong, stable and vibrant economy which has been growing at a rate well above the European Union (EU) average since 2000. It is a member of the EU since May 2004, a member of the European Exchange Rate Mechanism (ERM2) since May 2005 and adopted the euro as its national currency since the 1st of January 2008. It is by far the most prosperous of the EU new member states, with an estimated GDP per capita for 2008 of EURO 20,500 (at purchasing power parity).

The cosmetic industry is riding strong, with approximately 900 beauty salons, 40 day spas, 50 spa hotels, 70 perfumeries, 500 pharmacies and 300 hairdressing / nail care salons operating. Note that the beauty salons range from the professional practitioner, operating a fully equipped and professionally staffed saloon, to a part-time beauty school graduate. Our company is implementing a carefully planned marketing scheme, which aims to identify, isolate and target the professional practitioner.