The multinational fragrance company achieved growth in 2023. Eurofragance closed the past fiscal year 2023 reaching 146 million euros in sales and grows 20% more compared to 2022. The fragrance house managed to position itself above market growth.
The company indicates that part of this increase is due to the strategy of segmenting markets. This, together with maintaining the focus and continuing to improve customer service have been the pillars to achieve these results.
Eurofragance has also achieved growth in strategic locations such as the United Arab Emirates, Saudi Arabia, Europe, India and Indonesia. Juan Ramon Lopez Gil, CFO of Eurofragance, says, "Each of our four main regions, IMEA, Asia-Pacific, Europe and Turkey, along with Latin America, has played a crucial role in achieving these exceptional results. Sales growth in the strategically important Gulf region had a substantial impact on our results."
Laurent Mercier, CEO of Eurofragance, stresses the importance of having a long-term strategy and a solid organizational structure. Looking ahead, Mercier emphasizes the need for adjustments and reinvestments to support continued growth in the next strategic phase of business development. "The strong 2023 results stem from a strategy carried out over several years, which has allowed us to focus both regionally and locally to determine where to bet and compete with new product categories, which represent new opportunities for the company. Today, as we embark on a new strategic plan, we are encouraged to make organizational adjustments and reinvest some of our profits in strategic projects that will ensure Eurofragance's continued growth," adds Mercier.
The company has also used this statement to explain that it continues to strengthen alliances with strategic AI partners to improve processes, systems, fragrance-related technologies and new ways of working. The multinational has been working with AI for years and, today, is strategically allocating increased investments and resources to support the new strategic plan. Eurofragance also remains committed to sustainability, which is a transversal lever of the organization and is part of its corporate philosophy.