Baltic Export, Baltic States – CIS, Latvia

In 2015, Dzintars turned over EUR 5.91 mln, which was a 6 % drop from a year before when the company’s turnover was EUR 6.35 mln. The company’s annual loss, meanwhile, expanded to EUR 2.63 mln last year, growing by 76% from 2014 when Dzintars was EUR 1.49 mln in the red.

The company’s management said in the report that last year Dzintars increased its market share in Latvia by 1%, while hostilities in Ukraine and the fall of the Russian ruble caused the Latvian company’s export sales to drop by 23%. Dzintars continued to cut costs.

Last year, Dzintars operated 46 cosmetics and perfumery shops. There are also 62 Dzintars franchise stores operating in Belarus, Ukraine, Russia, Kazakhstan and the Baltic states.

The key owners of Dzintars include Ilja Gercikovs (69.2%) and Denmark-based businessman Janek Vaclav Kozeluh (9.3 %).