Eurofragance, the Spanish multinational fragrance company, reported sales of €146 million in 2023, marking a 20% increase over the previous year, as announced in a statement released on Thursday.

The fragrance giant experienced robust growth in markets deemed pivotal to its operations, such as the United Arab Emirates, Saudi Arabia, and Europe. Additionally, India and Indonesia also contributed to its positive results.

The company attributes its success to market segmentation and maintaining focus, considering these factors as crucial contributors to its outstanding results.

“Each of our four main regions, IMEA, Asia-Pacific, Europe, and Turkey, along with Latam, played a significant role in achieving these exceptional results by the end of 2023. Notably, increased sales in the strategically crucial Gulf region area had a substantial impact on our results,” remarked Juan Ramón López Gil, CFO of Eurofragance.

Meanwhile, Laurent Mercier, CEO of the company, underscored the importance of long-term strategy and a robust organizational structure.

“The good results of 2023 come from a strategy carried through over several years, which has allowed us to focus both regionally and locally to determine where to bet and compete in new product categories, which represent fresh new opportunities for us. And today, as we embark on a new strategic plan, we are emboldened to make organizational adjustments and reinvest some of our gains in strategic projects that will ensure the company’s continued growth,” commented the multinational’s CEO.

Looking ahead, the executive emphasized the need for “adjustments and reinvestments” to support continuous growth “in the next strategic phase of business development.”

Among Eurofragance’s innovations is its strong commitment to artificial intelligence through two projects—one dedicated to fragrance-related technologies and another to be revealed later in 2024.

Established in Barcelona in 1990, the company currently employs 400 individuals and operates its own factories in Spain, Singapore, and Mexico. Additionally, Eurofragrance has production partners in China and India.