Eurofragance grew by 21% in 2022 to 113 million euros

By

Eva Gracia Morales

Translated by
Roberta HERRERA

Published
Mar 24, 2023

Eurofragance, the Spanish fragrance and perfumery company, increased its turnover by 21% in 2022 and recorded a turnover of 113 million euros. The company, therefore, exceeded its forecasts in all the categories and regions in which it operates.

"The company's positive results in key markets helped mitigate the impact of rising commodity prices," the company said in a statement. It also said that the good performance of its business was marked by strong growth in the IMEA region (India, Middle East and Africa, especially India), Turkey, Latin America, Spain and the Asia-Pacific region.

Eurofragrance's positive performance was also the result of a plan put in place by the company to improve costs and internal efficiency. The strategy also included passing on part of the increase in raw material prices to customers.

"Once again this year, we have achieved record results. And this is, in large part, thanks to our strategy of selling new products to existing customers and to new customers, designed more than five years ago to activate our business growth," said Laurent Mercier, the company's CEO.

Among the group's milestones in 2022 was the sale of its business in the United States to The Riverside Company, owner of OnScent, a manufacturer that the Spanish company subcontracted in mid-2020. Last year it also acquired its local partner in Indonesia since 2015, PT Euronindo Fragrance.

Looking ahead to 2023, Juan Ramón López Gil, the company's chief financial officer, said: "The results obtained in the first months of this year indicate a continuation of the positive trend experienced in 2022 and show how strong growth has boosted the profitability of our business. Despite geopolitical uncertainty, we will close a successful first quarter."

Eurofragance was founded in Barcelona in 1990 as a business-to-business company focused on the production and marketing of fragrances. It has more than 400 employees and is present in more than 60 countries across five continents. It recently announced the appointment of Diana March as sustainability director with the aim of strengthening its environmental strategy.