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Eurofragance’s 2017 growth driven by strong results in Asia-Pacific, Turkey
Spanish fragrance producer Eurofragance continues to expand and diversify its business. In 2017, it generated a revenue in excess of €72.2 million, up 5% compared to the previous financial year.
Eurofragance is keen to keep on investing. In 2017, its capital expenditure was in the region of €3 million, a sum which the company devoted to upgrading its factories in Singapore and Barcelona, deploying software system SAP for its Mexican operations and introducing a new inventory coding system.
To further accelerate growth, in recent years Eurofragance has focused on diversifying the business, both in geographical and product category terms. A strategy that is bearing fruit, as the company's sales rose by 27% in Asia-Pacific and by 32% in Turkey in 2017.
Some of the more mature markets are growing too, with revenue in Europe and Spain rising 17% and 18% respectively.
Eurofragance is also establishing a foothold in markets new for the company, such as the USA, where it recently acquired a majority stake in Fragrance Design, an Atlanta-based company. The operation will be finalised in later in 2018.
In 2017, Eurofragance’s Personal Care and Household divisions posted positive results, growing 22% and 24% respectively. Laurent Mercier, the recently appointed CEO of Eurofragance, hinted that the company’s 2020 plan will be focusing on growth and profitability.
In 2017, Eurofragance increased its workforce from 271 to 280 employees, with 24 different nationalities represented among the staff.
Eurofragance’s headquarters are in Barcelona, and the company is present in over 60 countries across five continents. It operates subsidiaries in Turkey, Mexico, Dubai, Singapore and Atlanta, with factories in Barcelona, Mexico and Singapore. It also has an exclusive distributor for the Philippines.
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