Baltic Export, Latvia, Markets and Companies

In the previous financial year Stenders posted EUR 8.027 million in sales and EUR 633,414 loss.

The company’s management said in its report that the loss was caused by a rapid expansion of the company’s operations that included large investments in opening new stores and establishing subsidiaries, as well as product launch and stocks.

Analyzing results, a decision was made to close the unprofitable branches in Singapore and Poland, and close Asian representation office in the Philippines. Also, cooperation with several franchise partners in Europe, the Middle East and Asia was ended, and the franchise partner in Russia was replaced.

While sales of Stenders products in Latvia rose, China, which was one of the biggest markets for Stenders, showed a downward trend because of delays in certification of products.

Stenders former co-owner Janis Berzins said earlier that the company this year was close to insolvency, therefore the owners decided to sell the company to CICC Ehealthcare Investment Fund, registered in the Cayman Islands and belonging to Chinese citizens.

As reported, CICC Ehealthcare Investment Fund, registered in the Cayman Islands, became the sole owner of Stenders on October 2. The company has a new executive board, while its supervisory board has been liquidated. Starting from October 2, Stenders board chairwoman is Chinese citizen Wu Xia, and board members are Chinese citizens Yang Gang and Zhao Yang.

Established in 2001, Stenders produces and sells bath body care products. The company previously was owned by BaltCap Latvia Venture Capital Fund, Saudi Arabian company Yamany Ameen Ali Y and three Latvian individuals – Berzins, Zane Stavra and Eglite. Stenders is selling its products in 27 countries.