EU – Baltic States, Export, Good for Business, Industry, Latvia, Markets and Companies

The company said in its financial report that its growth has been primarily based on successful operation in the existing distribution channels, attraction of new clients, strengthening of brand awareness and introduction of new products. Sales of the new sunscreen products particularly contributed to the company’s development.

92% of the company’s turnover originates in the European Union (including Latvia), while 8% – outside of the EU. Compared to the respective prior year period, the sales proportion in the European Union (including Latvia) has grown by 4 percentage points, thus corresponding to the sales strategy designed by the company. The largest market outside of Latvia is Finland. Turnover for the first six months of 2018 in Finland amounted to 1.27 mln euros, representing a 75% increase.

During the first half of the year Madara Cosmetics focused particularly on the upgrading of our e-commerce system and implementation of IT projects to automate the operations. The current e-commerce system has undergone several significant improvements and has acquired additional tools that promote the system’s operating effectiveness. Among the most notable IT projects the company highlights the implementation of business intelligence system that lets process data and perform analytics more quickly, consequently translating into a more efficient decision-making process across all departments. The company has invested 113,000 euros in upgrading the e-commerce system and implementing IT projects.

The company also reported that it continues to enhance its manufacturing processes. “We made a procurement in the first half of the year and ordered two filling machines: automated cosmetic filling and capping line (207,295 euros); high-performing tube filling machine for cosmetic products (277,400 euros). Both machines will be supplied and installed by the end of the year and will help to increase production efficiency during the filling and packaging process,” the report says.

Founded in 2006 by several individuals, Madara Cosmetics has been listed several on the Nasdaq Riga alternative market First North since November 10, 2017. Madara Cosmetics group comprises also Madara Retail, Cosmetics Nord, and German-registered Madara Cosmetics GmbH.