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Our first task is to sort out the company’s finances so that the company could carry on with its operations at full capacity. We have heard that people are worried that Stenders products will now be made in China. We can reassure everyone, because moving production to China would be a completely illogical step. Production is and will stay in Latvia, we are planning to expand it, providing also new jobs, the Stenders representative said.

Yang also said that the new management intends to help the Stender brand to develop globally preserving at the same time its Latvian origin. Our aim is to help the Stenderd brand in its global development, preserving the origin and story of the brand created by the founders of the brand, as well as the company’s values and quality standards. Stenders is and will remain a company promoting Latvia along with the competitive values of the brand and the product in the world, including China, Yang said.

To ensure the company’s strategic and operational activities, a highest management team will be formed which will also include former Stenders managers, the company’s representative said, adding that more information about the highest management team will be provided in the few coming days.

Baiba Cipa-Ziemele, the company’s global market and development head, noted that China has been the Latvian cosmetics company’s largest market for more than seven years already and that 125 of the company’s stores, or more than half of its stores worldwide, are operating in China.

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.

Sales of Latvia’s Stenders cosmetics company in the last financial year from April 1, 2015, until March 31, 2016, reached EUR 8.028 million, while the company’s loss reached EUR 633,414.