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Latvia's Dzintars cosmetics company raises Q1 turnover 15%

BC, Riga, 11.04.2017.Print version
In the first quarter of this year, Latvia's Dzintars cosmetics and perfumery company increased its turnover 15 % compared to the same period in 2016, board member Dagnija Maike said LETA.

She would not say by how much the turnover had increased in terms of money.

Maike noted that the performance of the production plant had stabilized and the company was fulfilling the measures under the plan for legal protection of the company.


In February this year Dzintars launched its online store, store.dzintars.com, as well as a facial skin rejuvenation product line, Future Formula.


As reported, the Riga City Zemgale District Court on January 18 this year approved the measures that Dzintars is planning to take as part of its legal protection process. The court accepted the plan for the legal protection process submitted by the company and gave it two years for the plan's implementation.


Dzintars hopes to make a breakthrough with new premium class products and will have to sell some of its non-core assets in line with the legal protection process plan.


The court launched a legal protection proceeding for Dzintars on October 17, 2016. The cosmetics company explained it had run into financial trouble but wanted to stay in business, and two successive economic crises - in 2008 and in 2014 - had caused a decline on its traditional markets, leading to shrinking sales, shortage of working capital and debts.


Dzintars posted EUR 5.911 mln in sales for 2015, down 7% year-on-year, while the company's loss rose 76% to EUR 2.633 mln. The company has not yet published its results for 2016.


Dzintars is a manufacturer of perfumery and biocosmetics, making more than 1,000 various products. The company was registered in 1991, and has a share capital of EUR 2.817 mln. Dzintars has 46 retail stores in Latvia and exports its products to more than 30 countries.






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