The family-owned Spanish designer and manufacturer of fragrances for perfumery, personal and home care products ended 2017 with a turnover of more than EUR72.2 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 EUR3 million, which was used to optimising the Singapore and Barcelona plants, SAP implementation in Mexico and new warehouse coding systems,” detailed the company in a release.
During the latest year, Eurofragrance has diversified its geographical and segment operations with the aim to enhance growth. This has led to 27% higher sales in the Asian Pacific area and 32% in Turkey. Eurofragrance also achieved growth in mature markets like Europe and Spain, where figures are up by 17% and 18%, respectively. In addition, Eurofragrance has started expanding in new markets such as 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, Eurofragrance grew by 22% and 24%, respectively, with innovative, creative products designed to appeal specifically to each client, providing great added value.
"The goal is to continue with the 2020 strategic plan, focused on Eurofragrance’s growth and profitability," said Eurofragrance’s CEO, Laurent Mercier.