Baltic Export, Financial Services, Latvia, Markets and Companies

Asked to comment on the company’s plans in China, Gercikovs reminded that in September Dzintars sent a shipment of skin care products to China, and in the first quarter of 2017 the company plans to send special product made for China’s climate. "It will be an anti-smog cosmetics line," he said.

As reported, the Riga City Zemgale District Court on October 17 launched a legal protection proceeding for Dzintars cosmetics company.

The company explained it has run into financial trouble but it wants 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 last year posted EUR 5.911 mln in sales, down 7% y-o-y, while the company's loss rose 76% to EUR 2.633 mln.

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.