orn in France, Reynald Henry Katz has worked in Europe, the Middle East, China and the US. He first came to Panama in the 1970s, but only in 2001 decided to settle here and do business.

Katz showed entrepreneurial flair early on. At 19, he helped develop an anti-cracking nail polish which soon accounted for 80% of market share worldwide. ICI later bought the business for $8 million. He then headed to Italy to manufacture lipsticks for Europe and, increasingly, the Middle East. Seizing the chance to explore virgin territory, he moved to the region and made cosmetics there before moving to the US.

Katz arrived in Miami in the 1980s and set up a company making budget perfumes, selling out to a US manufacturer in 1996. Meanwhile, he had been approached by the US government about using his knowledge to develop shopping malls in China.

Advising the Chinese government, Katz created a model for cosmetic retailing used nationwide and acted as a liaison for US manufacturers. He then returned to the US in 1988, in time for the nternet
boom, and developed an online duty-free e-commerce business. After the dotcom crash, Katz came to Panama. His first venture here was a liquor distribution company in the Colon Free Zone serving Latin American markets.

Again, Katz saw a need for quality, budget products and now controls 16% of the Colombian market with his brands. Looking to promote these, he enquired about showrooms in the Free Zone and was told to join 2,500 other companies in line. The rest is history, as he explains:

“The idea [for PIMM] was born in 2006, simply because there was no space in Colon. So we decided to open showrooms [to serve] this need, just as the Americans have done in Miami and Los Angeles. We created PIMM in Panama as there is nowhere else to go locally and in Latin America.”

“Our business is bigger, the concept is bigger, than the Free Zone itself. Panama has always been a country where goods are sent from, but what we
need here is to sell. We are the salespeople.”

“Most of our clients come from countries like China and India but we’ve had a great response from the US, from companies who export fashion, manufacturing in China and selling to Latin America. I also think Spanish and other European companies will come [here] as they expand. Panama and Latin America offer easily accessible markets for them.”

“We have showrooms and offices from $2,500 per square meter, expensive by Panamanian standards but cheap for Europe, China and the US. You won’t find anything at that price in Beijing, where you’ll be paying $10,000 minimum.”

“We are also selling apartments at $1,000 per square meter as we’re providing a service and thinking about clients from overseas. We are selling these at reasonable prices so clients can invest in showrooms. It’s a real plus to be here all the time to look after your business.”

“I put up part of the capital and we found banks to back the project. We did so by [selling] an opportunity not only in the project, but in a country which is growing at 9% and will continue to do so with the expansion of the Panama Canal. This means that the
entire multi-modal logistics infrastructure for the region is in Panama.”

“Panama is stable, uses the dollar and is in the center of Latin America. I have traveled to 42 countries around the world but I ended up here in Panama.”