08.02.22
Sweden
Corporate.oriflame.com
Sales: $940 million
Key Personnel: Magnus Brännström, CEO and president; Jesper Martinsson; deputy CEO, global business areas CIS and LA; Robert af Jochnick, co-founder and board member; Alexander af Jochnick, chairman of the board; Gabriel Bennet, CFO
Major Products: Beauty and wellness products. Brands include Wellness by Oriflame, NovAge skincare, The One and Giordani Gold cosmetics, Love Natural and Beautanicals personal care, Swedish Spa face and body care, and Baby O baby care
New Products: Nordic Waters fragrances
Comments: Oriflame’s sales dropped 12% in 2021. Although the company saw “sequential improvements in the fourth quarter compared to the third quarter, nothing could have prepared us for what was waiting around the corner in 2022,” noted Magnus Brännström, CEO and president, in the company’s annual report.
In fact, the company’s full-year interim management statement was published on February 24, 2022—the same day the war in Ukraine started.
Oriflame’s operations in Ukraine were closed and the company said it was focused on ensuring the safety of its 115 employees in the country. By mid-March, Oriflame had suspended investments, marketing activity and training in Russia. It also suspended online sales to consumers in Russia.
For the three months ended March 31, 2022, sales in local currency declined 15% and euro sales decreased 16%.
Both Fitch and Moody’s downgraded the company in April based on the impact that the suspension of its Russian operations will have on the company.
In April, Oriflame Cosmetics formed a new independent Scientific Advisory Board (SAB) with the appointment of three researchers in the fields of health and nutrition—Dr. Claude Marcus MD PhD, Dr. Frida Fåk Hållenius PhD and Dr. Brendan Egan PhD. Marcus is a professor of pediatrics at Karolinska Institute in Stockholm. Hållenius is associate professor of molecular nutrition at Lund University, Sweden. Egan is associate professor of sport and exercise physiology at Dublin City University, Ireland. The SAB will support Oriflame’s scientists and experts by providing independent scientific advice on areas of focus and help to guide research that supports product development.
Corporate.oriflame.com
Sales: $940 million
Key Personnel: Magnus Brännström, CEO and president; Jesper Martinsson; deputy CEO, global business areas CIS and LA; Robert af Jochnick, co-founder and board member; Alexander af Jochnick, chairman of the board; Gabriel Bennet, CFO
Major Products: Beauty and wellness products. Brands include Wellness by Oriflame, NovAge skincare, The One and Giordani Gold cosmetics, Love Natural and Beautanicals personal care, Swedish Spa face and body care, and Baby O baby care
New Products: Nordic Waters fragrances
Comments: Oriflame’s sales dropped 12% in 2021. Although the company saw “sequential improvements in the fourth quarter compared to the third quarter, nothing could have prepared us for what was waiting around the corner in 2022,” noted Magnus Brännström, CEO and president, in the company’s annual report.
In fact, the company’s full-year interim management statement was published on February 24, 2022—the same day the war in Ukraine started.
Oriflame’s operations in Ukraine were closed and the company said it was focused on ensuring the safety of its 115 employees in the country. By mid-March, Oriflame had suspended investments, marketing activity and training in Russia. It also suspended online sales to consumers in Russia.
For the three months ended March 31, 2022, sales in local currency declined 15% and euro sales decreased 16%.
Both Fitch and Moody’s downgraded the company in April based on the impact that the suspension of its Russian operations will have on the company.
In April, Oriflame Cosmetics formed a new independent Scientific Advisory Board (SAB) with the appointment of three researchers in the fields of health and nutrition—Dr. Claude Marcus MD PhD, Dr. Frida Fåk Hållenius PhD and Dr. Brendan Egan PhD. Marcus is a professor of pediatrics at Karolinska Institute in Stockholm. Hållenius is associate professor of molecular nutrition at Lund University, Sweden. Egan is associate professor of sport and exercise physiology at Dublin City University, Ireland. The SAB will support Oriflame’s scientists and experts by providing independent scientific advice on areas of focus and help to guide research that supports product development.