• Sales increase by 21 % compared to 2021
  • All categories —fine fragrance, personal care and home care— and all regions grew in 2022 ahead of expectations
  • Eurofragance exceeds sales forecast despite a complex raw materials, energy and logistics environment

Barcelona, March 23, 2023 – Eurofragance, the multinational fragrance company, closed 2022 with sales of €113 million, up 21% over 2021. The company’s positive performance in key markets helped mitigate the impact of price increases in raw materials. Strong growth in the IMEA region (India, Middle East and Africa, especially India’s growth), Turkey, Latin America and Spain, helped Eurofragance successfully achieve its 2022 targets. In addition, the Asia-Pacific region also contributed to these positive results.

Eurofragance’s CFO, Juan Ramón López Gil, says that this growth and the associated good results have been possible thanks to the company’s combined efforts to improve costs and internal efficiencies through a mitigation plan to minimize the impact of the rise in raw material costs. This plan also included passing on part of the sharp rise in costs to customers.

The increase in sales in 2022 is also due to securing new customer accounts and winning key strategic projects. According to Eurofragance CEO Laurent Mercier: “Once again we have achieved record results. And this is largely thanks to our Vitality strategy, which was designed over five years ago to activate our business growth in terms of sales of new products to existing customers and sales to new customers.”

Results look promising for 2023, López Gil adds: “Results in the first months of this year indicate a continuation of the positive trend experienced in 2022 and show how strong growth has driven the profitability of our business. Despite geopolitical uncertainty, we will close the first quarter successfully.”

Growing requires being open to change

In 2022, Eurofragance launched globally a comprehensive transformation and digitalization program with the objective of remaining a competitive and relevant company in light of continuous changes in the market. Laurent Mercier underlines: “With an achievement and results-oriented culture our motto is to ‘do more with less’ or achieve greater sales with fewer initiatives and more focus.”

In a rapidly changing environment, the company’s main objective is to become faster, more agile and efficient in order to keep generating value for all its partners, react to changing market conditions and strengthen alliances with its partners. Mercier points out: “Achieving greater agility and efficiency requires being open to change; there cannot be a gap between what happens outside the company and what happens inside it.” To this end, the company has planned major long-term investments in several areas, including strengthening the company’s culture, as well as reinforcing the organizational structure, process, systems and fragrance-related technologies.

Sustainability from a holistic point of view

The recent promotion of Diana March as Global Director of Sustainability and Technical Compliance is a clear sign that the company is committed to sustainability and considers it a key factor in business strategy. March, a promoter of sustainable actions at Eurofragance, explains: “We want to minimize our footprint on the environment, while seeking to maximize our positive impact on society and our contribution to the SDGs.”

March insists that Eurofragance’s future depends first and foremost on the well-being of its employees, as well as ensuring a responsible supply chain in line with the company’s commitment to sustainable growth. March adds that it’s all about guaranteeing that all stakeholders respect human rights.

In February, the fragrance house successfully concluded its strategic sustainability plan and received a gold medal certification for its achievements from EcoVadis, the leading provider of business sustainability ratings.

Listening to employees to grow together

Encouraging employees to voice their opinion, promoting diversity and implementing equity policies to combat various forms of discrimination are also part of the company’s comprehensive transformation program.

Rebeca Jardón, Global People & Organization Director, explains: “Life is about perpetual evolution and growth, and our organization is constantly evolving. One of our missions is to assist our teams experience change in a natural and positive way.”

Transparency is fundamental to the company, as is regularly communicating its results and initiatives to all its employees, as well as gathering their feedback. This fosters their commitment and the trust needed to grow together in a sustainable manner.