Eurofragance Closes 2021 with Sales Reaching 94 Million Euros and 20 Percent Growth Versus Year Ago
Dubai, United Arab Emirates
- The company ended 2021 with a turnover of 94 million euros, representing a 20 percent increase compared with the previous year, demon strating its strength in navigating COVID-19.
- In 2021, all categories-fine fragrance, home care and personal care-enjoyed a positive evolution, the young multi-national successfully met its top-and bottom-line forecasts.
- In a business environment fraught with market volatility and shortages of certain raw materials, the company managed to defend its profitability.
Eurofragance, a young fragrance multinational, closed 2021 with a sales increase of 20 percent compared with the previous year.
The Spanish company’s performance in several key markets helped to mitigate the challenges faced in certain Asian countries, where repeated lockdowns affected business beyond the company’s control.
IMEA, Turkey, LatAm and North America were significant contributors to reach 2021 objectives.
Thanks to close monitoring of its three-year plan and the Global Business Units new strategy for Fine Fragrance and the Home and Personal Care categories, Juan Ramon Lopez Gil, CFO of Eurofragance, says, “Despite an unsteady environment due to raw material cost increases and logistics disruption in Asia due to the pandemic, the company generated 94 million euros of consolidated sales and achieved its business goals.”
Many new business opportunities also explain successful gains in 2021, according to Laurent Mercier, CEO of Eurofragance, “We saw a record-breaking result coming from our ‘Vitality’ strategy, designed to generate incremental business growth.”
These results are encouraging for 2022, with Lopez Gil adding, “While a number of uncertainties remain for 2022, such as the current geo political tensions, this year, we are off to a good start, our sales growth for the first quarter is positive and in line with our objectives.”
Investing in talent and equipment
Eurofragance keeps nurturing its young talent with the creation of different Academies to foster expertise in strategic areas such as creation, evaluation and sales. Thanks to the acquisition of next-generation robots, the company has reached 80 percent automation on its production line, allowing it to triple its current output. This enables Eurofragance to be even more competitive and deliver its products to customers with even greater speed and efficiency.
A new captive ingredient with a lot of punch and promise
Last year also saw Eurofragance take centre stage in terms of innovation, with the release of its first upcycled and innovative proprietary ingredient. L’Ame du Bois™, the company’s new captive, an exclusive aroma. L’Ame du Bois™ has been enthusiastically received by existing customers, and generated several new business opportunities. Such innovation consolidates the company as an important player across the big leagues in all product categories.
“For a young multinational, such innovations are unusual and only possible thanks to an entrepreneurial mindset as well as an incredible drive from our people,” says CEO Laurent Mercier.
Eurofragance’s endless commitment to people and planet
Eurofragance’s sustainability approach is based on the belief that caring for the planet and addressing related issues head on is everyone’s responsibility, and actually makes good business sense as well. During the past year, Eurofragance undertook several sustainability initiatives. These include participating in the UN Global Compact, rolling out an equity plan training at headquarters and the issuance of its own policies for responsible sourcing and supplier code of ethics to all stakeholders. Eurofragance’s 2020 sustainability report, the latest one issued, is available on the company website.