Fragrance manufacturer Art & Fragrance has blamed restructuring costs of the French house Lalique for the company posting a net group loss in the first half of 2008 of CHF6.2m.
The company also cited currency effects and high raw material costs as part of its bad performance in the first part of this year, with operating revenues reaching CHF45.9m. However, all was not lost as the fragrance division of the company, excluding Lalique, which was acquired by the company in February this year, contributed CHF16.1m to sales. And perfume sales saw a 10% increase on sales in the equivalent period in 2007.
Paris-based family holding Financière Saint-Germain (FSG) has also been taken on by the company as a strategic investor for Lalique.