Maesa opens subsidiary in China
Shanghai subsidiary to expand the company's business in China after
successful first quarter results.
The France-based cosmetics manufacturer is going increasingly global after the acquisition of US company Latitidues in autumn 2007 and a name change that reflects its new international identity. Positive performance in the quarter October 1st to December 31st highlights the strong position of the company and its plans for rapid expansion. China subsidiary will optimise product quality The company already has a purchasing office in China, however the creation of the subsidiary will optimise the company's sourcing from the area, reinforce product development on a local level and assure product quality, according to Maesa. The subsidiary will serve all of the group's companies and will also be able to invoice American and European clients directly from China if required. The Shanghai-based subsidiary is planned for the end of the first half of 2008, state the company. Positive results reinforce future predictions The company's first quarter sales revenues came to €12.1m for the period October 1st to December 31st. The company has no published quarterly results with which this figure can be compared, however sales revenue for the first half of 2006-2007 of €8.7m confirms strong growth in the quarter. Consequently the company's predictions for the coming financial year are positive with earnings before income tax (EBIT) prediction of between €8 and 9.5m. These figures are supported by analyst Benjamin Le Guillou at EuroLand Finance who predicts sales figures of €46m and EBIT of €8.5m In January the company changed its name from Parfum d'image to Maesa, reflecting its aspirations to become a global player. "Maesa is easy to pronounce in all languages, while it's Latin and feminine sound fits well with the group's global positioning within the beauty world." Maesa is actually a plant species, the company points out, that is particularly resistant to extremes of climate and develops in different ways, according to where it grows. Therefore the name change also reflects the company's philosophy and the way in which it envisages growing its made-to-measure services for fragrance and cosmetic products on a global basis.
