Investments, Latvia, Markets and Companies

Stenders plans to attract additional EUR 1 million to EUR 1.5 million in order to be able to create new products and expand operations, writes LETA.

Co-owner of Stenders factory and the company's creative director Janis Berzins informed the newspaper that currently talks are being held with to investment funds, one in Latvia, and one in the United States.

Describing the current market situation, Berzins admits that sales volumes have gone down and outlets in Latvia have registered approximately 20% drop in sales volume. Due to the crisis, the company is working on optimizing its operations.

Stenders is trying to compensate the fall in turnover on the local market by entering new markets. "Our aim is to achieve as high overall turnover as last year, despite the drop in sales volume. Our principal markets are China, Russia and European countries. We are in the process of talks with partners in Saudi Arabia and the United Kingdom; we are considering the United States as well," the entrepreneur said.

As reported, Stendera ziepju fabrika was founded in 2001; it manufactures bath and body beauty treatment products. The enterprise has developed a chain of over 180 shops in 14 countries around the world, including China, Japan, Finland, Poland, Russia, Sweden and Hungary.

Stendera ziepju fabrika group posted LVL 4.02 million in turnover last year, which is 9.5% more than in 2007, when it stood at 3.67 million. The company's consolidated profit reached LVL 200.004 last year, or 2.8 times less than in 2007, when it totaled LVL 558,243.

The concern's leading enterprise Stendera ziepju fabrika Ltd. registered LVL 3.57 million turnover last year, or 6.5% more than in 2007. The parent company's profit in 2008 amounted to LVL 255.574, and was more than two times lower than in 2007, when it stood at LVL 551,185.