German perfume and cosmetics retailer Douglas has closed its 11 stores in Turkey because its market share is too small and unlikely to grow, a spokeswoman said on Monday.
The spokeswoman was confirming a report in Germany’s monthly Manager Magazin.
Private equity group CVC Capital Partners [CVC.UL] bought a majority stake in the retailer last year from U.S. buyout firm Advent in a deal worth almost 3 billion euros ($3.2 billion).
Douglas Chairman Henning Kreke told Reuters in February the firm might consider acquisitions to achieve its goal of being the number one or two player in all its markets, and it was considering expanding to other countries.
Douglas currently employs about 20,000 people in 19 European countries, running more than 1,700 stores for an annual turnover of about 2.6 billion euros.