Today Mary Kay Cosmetics announced the closing of its operations in India. The decision appears to made on the basis of the regulatory environment and the poor performance of the market. In December, a ban was proposed on multi-level marketing in India.
This announcement comes after Mary Kay Inc. invested $20 million into growing the market between 2007 and 2012.
This closure is good for women in India. But Mary Kay is still doing well overseas. China is still growing rapidly, and sometime in 2013, it will become Mary Kay’s largest market.
Read the announcement below: