Recently, Intercos, a well-known Italian cosmetics manufacturer, released its 2023 annual performance report.
According to the report, in 2023, Intercos Group sales set a new record of 988.2 billion euros (about 78.8 billion yuan.)1.5 billion yuan, calculated at the current exchange rate, the same below), calculated at a constant exchange rate, a year-on-year increase of 20%. And this breakthrough achievement is achieved on the basis of a high base of 19% year-on-year growth in 2022. Among them, the fourth quarter of 2023 was outstanding, with revenue exceeding expectations, reaching 253.2 billion euros (about 19.9 billion yuan.)8.1 billion yuan), a year-on-year increase of 8% at constant exchange rates.
Taken from the financial report. In terms of business segments, the Group's three businesses achieved sales growth, with Skincare and Hair & Body Care both growing by double digits.
The color cosmetics business is Intercos' largest revenue**, accounting for 60% of Intercos' total revenue65% with sales of 599.4 billion euros (about 42.2 billion yuan.)9 billion yuan), a year-on-year increase of 95%, outpacing the combined sales of the other two categories. It is worth noting that due to the significant growth in the second half of 2022 and the temporary adjustment of inventory levels of well-known brands, the growth rate of the color cosmetics business decreased slightly in the second half of the year.
The hair and body care business grew the fastest, with sales up 47% to 231.3 billion euros (about 18.8 billion yuan.)0.9 billion yuan), almost doubling on the basis of 2022. The rapid growth of the business was driven by the signing of new commercial agreements with a number of customers.
The skincare business grew by 204% to 157.5 billion euros (about 12.5 billion yuan.)3.2 billion yuan). Among them, the fourth quarter of 2023 has the fastest growth rate, reaching 401%。
Taken from the financial report. From the perspective of customers, the sales of multinational customers reached 485.2 billion euros (about 37.7 billion yuan.)9.6 billion yuan), a year-on-year increase of 40%。However, in the fourth quarter, the performance contracted due to the brand's inventory adjustment. Emerging brand customers were seen as the main growth driver of the Group, with a year-on-year increase of 462% and sales reached 405.9 billion euros (about 31 yuan.)7.6 billion yuan), and achieved growth in both the mass and high-end markets, as well as in different regional markets. Retailer customers also showed a solid growth trend, with revenue of 09.7 billion euros (about 7.7 billion yuan.)5.9 billion yuan), a year-on-year increase of 65%。
Taken from the financial report. EMEA (Europe, Middle East & Africa) was the best performer in all regions covered by Intercos, with sales of 507.2 billion euros (about 39.9 billion yuan.)6.8 billion yuan), *259% and achieved growth across all customer types and business units.
Sales in the Americas slowed down to 74% to 310.5 billion euros (about 24.4 billion yuan.)2.9 billion yuan). Intercos noted in its earnings report that the skincare business grew the strongest in the region, followed by the makeup business.
Sales in Asia were 170.5 billion euros (about 13.5 billion yuan.)3.4 billion yuan), an increase of 187%, and the growth rate is gradually accelerating throughout the year. In addition, in its evaluation of the performance in Asia, Intercos highlighted the excellent performance of the business in China in the fourth quarter, thanks to local Chinese brands, once again achieving double-digit growth.
The Chinese market has always occupied an important strategic position in the Asian market. Since entering the Chinese market in 2004, Intercos has opened three subsidiaries in China. At the same time, Intercos has been adapting to local conditions, setting up two R&D centers in China and deepening cooperation with local brands. From leading brands such as Huaxizi, Perfect Diary, Mao Geping, and Proya, to cutting-edge brands such as the continuous expansion of Chuyi, more and more local brands have been tapped.
In addition to the performance, the financial report also mentioned a number of personnel changes. Maggie Fanari, a non-executive director of the Group, resigned with effect from 1 March 2024 and decided not to co-opt a director to replace Maggie Fanari's original position. In addition, Executive Director Arabella Ferrari was appointed as the new Group Chief Innovation Officer and Senior Director Vittorio Brenna was appointed as the new Group Chief Operating Officer.
Intercos has repeatedly mentioned in its financial reports that diversity is the key word for Intercos to maintain good development. Renato Semerari, CEO of Intercos, said: "We look to the future with optimism, and our innovative capabilities and diversification strategies will enable the Group to continue its growth trajectory beyond the market. In 2024, Intercos will further upgrade and expand its key laboratories to achieve stronger production capacity. ”