Sephora buys 45 percent stake in Russian company

Sephora bought a 45 percent share in Russian luxury perfumery Ile de Beauté.

As part of the deal, Sephora will have the option to become a majority shareholder in the chain “over time,” according to a company press release.

Emerging markets are becoming more of an attractive investment for established brands looking to hedge any drop in profits due to the U.S. credit crisis and falling consumer confidence.