The Barcelona-headquartered fragrance maker closed 2023 with sales of EUR 146 million, up more than 20% over 2022 on a like-for-like basis. All categories — fine fragrance, personal care, air care and home care — and all regions where the company operates experienced healthy growth. Strong growth was achieved in top countries such as the UAE, Saudi Arabia and Europe, which helped Eurofragance successfully reach its 2023 targets. India and Indonesia also contributed to these positive results.
“Each of our four main regions, IMEA, Asia Pacific, Europe and Turkey, along with Latam, played a significant role in attaining exceptional results by the end of 2023. Notably, increased sales in the strategically crucial Gulf region area had a substantial impact on our results,” said Juan Ramón López Gil, CFO of Eurofragance.
Laurent Mercier, CEO, Eurofragance
At the end of 2022, the fragrance house had announced the acquisition of PT Euronindo Fragrance in Indonesia. After having reassessed its operational presence in key strategic markets, Eurofragance said they aimed to reinforce their presence in the APAC region. In parallel, the company had divested itself from the U.S. market.
AI and Cybersecurity
“The good results of 2023 come from a strategy carried through over several years, which has allowed us to focus both regionally and locally to determine where to bet and compete in new product categories, which represent new opportunities for us. And today, as we embark on a new strategic plan, we are emboldened to make organizational adjustments and reinvest some of our gains in strategic projects that will ensure the company’s continued growth,” adds Eurofragance’s CEO Laurent Mercier.
Eurofragance thus intends to continue its commitment to innovation and to keep on strengthening alliances with strategic AI partners to support processes, systems, fragrance-related technologies and new ways of working.
Today, the company has two major initiatives in Artificial Intelligence to innovate in fragrance development, both of which require a significant level of resources. The first one, announced last year, is the collaboration with the French green-bio-deep-tech company Alphanosos with the aim to uncover new exclusive technologies to address unpleasant odors. And the second major project is to be revealed later in 2024.
In addition, the fragrance house has strengthened its organization in terms of cybersecurity to mitigate risks and has developed a cybersecurity culture plan to raise employee awareness on this matter.
Eventually, Eurofragance has just been recognized with EcoVadis’ Platinum medal, the highest possible recognition from the provider of business sustainability ratings. “This recent accomplishment encourages the company to push forwards with its sustainability agenda,” concluded Eurofragance in a statement.
