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Greek naturals player Korres aims for international expansion

By Simon Pitman , 19-Jun-2009
Last updated the 19-Jun-2009 at 12:23 GMT

One of the newest players in the naturals market, Korres, intends to build on breakneck growth with new products and by concentrating on its key international market.

Despite the current economic turmoil and the resulting consumer downturn, the company recently announced first quarterly sales up 28.2 per cent to €14.5m, backed up by an 8.8 per cent increase in net income to €1.7m.

The Greece-based company says its success has been down to a strong product portfolio and product mix, which together with tapping into the ever-growing trend for natural-based products, also clues into specific demand for facial skin care products.

Indeed, sales of its facial skin care products represented 42.2 per cent of all shares during the quarter, figures that were enhanced by a new range of organic certified products.

Targeting international expansion

The company says it wants to build on this performance by targeting both domestic and international expansion during the course of 2009.

One significant boost to those plans is the recent announcement that the company has secured a contract to supply all the personal care and cosmetic products for Delta Airlines business passengers.

The deal was confirmed by Korres spokesperson Athina Lagou, who said the company was rolling out the supplies to customers on both Delta flights and the airline’s subsidiary Northwest Airlines, who will receive sample size yoghurt moisturizers and shea butter lip balms.

International sales grow 42 per cent

Although the company has developed its domestic business by buying up its distributor, future expansion is likely to concentrate largely on international markets.

Sales from international markets grew by 42 per cent in 2008, to reach €4.2m. Although that growth came from a small base, the company says that the expansion of its product range and its distribution base worldwide will fuel further growth.

Currently its four biggest international markets - the US, France, Spain and Germany - will continue to be the focus of international growth, which will be developed through expanding points of sale, together with new stand alone stores.

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