- Sales increased by more than 20 % compared to 2022.
- In 2023, all categories—fine fragrance, personal care, air care and home care—experienced healthy growth across all regions.
- The multinational’s excellent results are to be reinvested into a new strategic expansion plan.
Barcelona, April 18, 2024 – Eurofragance, the multinational fragrance company, closed 2023 with sales of €146 million, up more than 20% over 2022 on a like-for-like basis, which is significantly over the market growth. Segmenting markets with the best potential and maintaining focus, coupled with offering excellent customer service, have been the key contributing factors to these results. 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.
Juan Ramón López Gil, CFO of Eurofragance, says: “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.”
Reflecting on the company’s achievements in 2023, Eurofragance’s CEO Laurent Mercier highlights the importance of having a long-term strategy and a robust organizational structure. Looking ahead, he emphasizes the need for adjustments and reinvestments to support continued growth in the next strategic business phase of development.
Mercier says: “Our solid performance in 2023 is the result of a strategy carried out over several years, which had us focus on both regional and local opportunities to determine where to invest and compete in new product categories, representing incremental sales for us. Today, as we embark on a new strategic plan, we are emboldened to make organizational adjustments and reinvest most of our gains in strategic projects that will ensure the company’s continued growth.”
Eurofragance Chairman, Santiago Sabatés, has underlined the company’s solid and disciplined current strategy to drive growth. Sabatés adds: “This approach will allow the company to maintain its reputation as a leading player in the fragrance industry, while preserving its independence as a family-owned business.”
Securing Sustainable Growth: AI and Cybersecurity
Eurofragance keeps 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.
As an innovative company, Eurofragance has been working with AI for years and, today is, strategically allocating increased investments and resources to support the new strategic plan. 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.
Eurofragance continues its commitment not only to innovation, but also to sustainability, which is a transversal lever in the organization and is part of its corporate philosophy. The multinational has just been recognized with the Platinum medal, the highest possible recognition from EcoVadis, one of the world’s leading providers of business sustainability ratings. This recent accomplishment encourages the company to push forwards with its sustainability agenda.
