- Mira Cosmetics secures a substantial USD 200,000 investment from Wingoo Investment and Technology, following the successful production of its locally made beauty product in 2023.
- Driven by the increasing demand for affordable high-quality Egyptian cosmetics and skincare, Mira aims to alleviate challenges posed by the US dollar shortage and provide an alternative to expensive imported items.
- Despite the secured investment, the company’s current focus is on building a robust Egyptian brand and cultivating a loyal customer base by year-end, with future investment plans considered for expansion and growth.
Egypt’s Mira Cosmetics announced it secured a USD200,000 investment from Wingoo Investment and Technology, according to media reports.
The move follows Mira’s successful production of its locally-made beauty product in 2023, with plans to unveil a comprehensive range throughout 2024.
Driven by the escalating demand for imported cosmetics and skincare at high costs with foreign currency, Amira aims to provide high-quality Egyptian products at affordable prices.
The goal is to promote local products, alleviate the challenges posed by the US dollar shortage, and offer an alternative to expensive imported items.
Amira Dawood, CEO and founder emphasized that while her company has secured a $200,000 investment, the current focus is on building a robust Egyptian brand and cultivating a loyal customer base by year-end. Future investment plans will be considered to support expansion and growth after achieving these foundational goals.
Anticipating high demand, especially among girls, Amira envisions reaching a customer base of 100,000 clients by the end of 2024.
Amidst intense competition with international products, Mira differentiates itself through exceptional quality, affordability, and the pride of being made in Egypt, coupled with a commitment to outstanding customer service.
The company’s present focus is on producing fresh merchandise tailored to the domestic market, with plans for online sales and establishing retail outlets.
Amira emphasizes the commitment to understanding customer needs, delivering top-notch products with competitive pricing, and building trust with the audience.
Despite the potential challenges in the domestic market, Dawood, founder of Mira highlighted the absence of current obstacles, with the company dedicated to maintaining high product standards and fostering a strong bond of trust with customers.
Ahmed Al-Shehabi, CEO of “Wingoo” for Investments and Technology, expressed confidence in Egyptian products’ quality and global competitiveness, motivating the investment in “Mira” Cosmetics and Skincare. “The company’s strategic plans include expansion into new markets beyond Egypt, the UAE, and Saudi Arabia in the next three years,” he added.
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