Eurofragance’s results confirm the success of the company’s growing geographic diversification strategy, with significant growth in sales in the Asia Pacific and Turkey
Eurofragance, the fragrance-creating company, ended 2017 with a turnover of more than €72.2 million, five per cent more than the previous year.
These figures confirm that the company is on the right track with a growth strategy that will include further strong investments. The CAPEX for 2017 was almost €3 million, which was used to optimising the Singapore and Barcelona plants, SAP implementation in Mexico and new warehouse coding systems.
Eurofragance has opted for the geographical and business segment diversification as its main road to growth. This has led to 27% higher sales in the Asian Pacific area and 32% in Turkey.
Eurofragance has also achieved growth in mature markets like Europe and Spain, where figures are up by 17% and 18%, respectively.
In addition, Eurofragance has started expanding in new markets like the United States, where it recently acquired a majority stake in Fragrance Design LLC, an Atlanta-based company, a transaction that will be complete in 2018.
In the Personal Care and Household segments, Eurofragance grew by 22% and 24%, respectively, with innovative, creative products designed to appeal specifically to each client, providing great added value.
The new CEO, Laurent Mercier, the main driving force behind the transformation of Eurofragance, says that "the goal is to continue with the 2020 strategic plan, focused on Eurofragance's growth and profitability".
At the same time, Eurofragance continues to invest in talent, with a workforce of 24 nationalities that grew from 271 to 280 employees last year.