To mark the occasion, the company had a grand opening event in the country’s capital city, Lima, last week, where it officially announced the start of its business there.
In recent years, a steady economy and rising incomes have translated into healthy gains in the country’s cosmetics and personal care market.
Peru is seeing strong industry growth
Last year the Flanders Investment & Trade Market Survey revealed that Peru’s market for cosmetic and personal care had grown by 4% in 2017 to reach a value $2.2 billion.
However, growth in the market appears only to be accelerating, with the Peruvian Committee of Cosmetics and Hygiene, part of the Chamber of Commerce of Lima, estimating that industry growth was in the range of 6 to 8% in 2018.
Executives at NuSkin feel the business is well-positioned to further tap into growth derived from its direct sales model, and is opening the business operations there with a selection from its product portfolio that they feel are most likely to succeed in the Peru market.
Peru is a strong market for direct selling
"Nu Skin's business in Latin America has seen incredible growth over the past year as our products and business opportunity continue to improve lives throughout the region," said Tyler Whitehead, West Region president.
"Peru is a well-established market for direct selling, and we have seen great anticipation from potential customers and sales leaders there. We are committed to investing in Peru as a new market and are confident in a successful future."
The company has started its business in Peru with a broad but smaller selection of its products, which will include its AgeLoc anti-aging kits, whitening toothpaste and a number of color cosmetic products.
“Providing our empowering products and opportunity to the people of Peru is the latest milestone in our growth initiatives and an exciting new chapter of Nu Skin's global operations," said Ryan Napierski, NuSkin president.