Eurofragance closes 2021 with sales reaching 94 million euros and 20% growth versus year ago
- The company ended 2021 with a turnover of 94 million euros, representing a 20% increase compared with the previous year, demonstrating its strength in navigating COVID-19.
- In 2021, all categories – fine fragrance, home care and personal care – enjoyed a positive evolution; the young multinational 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.
Barcelona, April 5th, 2022 – Eurofragance, a young fragrance multinational, closed 2021 with a sales increase of 20% 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 Ramón López 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 López Gil adding: “While a number of uncertainties remain for 2022, such as the current geopolitical 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% 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’Âme du Bois™, the company’s new captive, an exclusive aroma. L’Âme 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.
Eurofragance manufactures and markets the highest quality fragrances for worldwide brands in fine perfumery, home, personal and air care. The company is a privately held B2B enterprise founded on family values in Barcelona in 1990 and currently counts nearly 400 employees.
Driven by a passion for perfume and the entrepreneurial spirit of its founders, Eurofragance first grew in Europe and the Middle East, before taking on the Far East and the Americas. The midsize company is now represented on five continents; runs its own plants in Spain, Singapore and Mexico; and works with manufacturing partners in the United States, China and India.
Eurofragance’s international network of Creative Centers and outstanding manufacturing capabilities enable it to create and deliver fragrances around the world. Over the years, Eurofragance has cultivated lasting relationships and has grown hand in hand with its partners.
Eurofragance is wholeheartedly invested in addressing sustainability issues and its decision-making process is built around strategic initiatives supporting this cause. The company spearheads activities around four major axes: safety, biodiversity, community and resources.