According to Oriflame:
“Founded in 1967, Oriflame is a social selling beauty company with sales in more than 60 countries. Its portfolio of Swedish, nature-inspired, innovative beauty products is marketed through more than two million members, generating annual sales of almost one billion Euro (2022).”
Oriflame revenue is down 17% in the first 9 months of 2023, and the last 3 months of 2023 the revenue fall is even more 26%. The company loss is €-62.2m. Im May former CEO Magnus Brännström has stepped down after 18 years in that role and has been replaced by Anna Malmhake.
According to a recent press release Oriflame revenue is in a free fall. 20% of the corporate positions will be “affected.” An other press release stated:
Oriflame launched a comprehensive cost and efficiency program to increase profitability and secure long-term growth, while at the same time ensuring continued strategic investments in product and market development.
The program aims to deliver annual cost savings of approximately €45m once fully completed and will affect around 20 percent of the number of positions in the company across all levels and geographies.
Nine months ended 30 September 2023
Euro sales decreased by 17% to €551.9m (€661.0m) and local currency sales by 11%.
The adjusted