Fragrance Direct sales were close to £ 90million ahead of joint venture acquisition
Fragrance Direct’s revenue has approached Â£ 90million in the 15 months leading up to its acquisition by a joint venture, recently released documents have revealed.
The Macclesfield company had revenue of Â£ 86million for the period October 1, 2019 to December 31, 2020, while its pre-tax profit was Â£ 2.1million.
The new figures compare to revenue of Â£ 49.3million and pre-tax profit of Â£ 88,633 for the 12-month period to September 30, 2019.
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Fragrance Direct was established in 1993 and specializes in the sale of branded beauty products including perfumes, makeup, skin and hair care products, and gift sets.
The company was acquired through a joint venture between the owners of the Allbeauty counterparty, private investors and an investment fund in March 2021.
The decision to combine Allbeauty and Fragrance Direct into a single group of health and beauty products was taken by the Maximo group.
The joint venture is supported by the Guernsey Investment Fund.
A statement signed by the board of directors said: âThe company has had a satisfactory period.
âExecutives have devoted considerable effort to new systems combined with marketing and increasing company revenue, while maintaining good gross margins.
âThey are confident in their strategies and look forward to another healthy year.
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âWith the onset of Covid in the first quarter of 2020, the shift to online shopping has accelerated the shift in shoppers’ buying habits, which the company has benefited from.
The company believes this trend will continue into 2021 and beyond as shoppers continue to purchase their beauty products online.
âAs the company’s online revenue is predominantly in the UK, 96% of its total online sales go to customers in the UK, its Brexit exposure is limited, but the company has taken all the appropriate measures to retain its European customers. “