The Riga-based company has posted a turnover of €5.74m for the first three months of 2025.
Its overall turnover across EU markets (excluding Latvia) increased by 13% in the period, while its turnover in Latvia alone grew by 6%, in Sweden the turnover rose by 43%, in Germany by 33%, and in France by 18%.
In Germany, the company said its expansion into Müller retailer’s brick-and-mortar stores had significantly boosted its growth.
Making gains in ecommerce
Madara’s ecommerce turnover increased by 15% in the first quarter compared to the same period last year.
In early 2025, it expanded its digital presence by launching its first TikTok Shop in the UK market, which helped it reach new consumers, strengthen brand awareness in the market, and expand its online sales channels.
In the first quarter of the year, the business has launched 12 new products, including tinted serums with hyaluronic acid in five different shades, a collection of natural eye and brow pencils, which is an entirely new subcategory for the business, as well as a mineral bronzer and a new SPF50 mineral sunscreen in a stick format.
“Record high” turnover
The natural skin care and colour cosmetics brand was founded in 2006 and is Latvia’s largest cosmetics manufacturer. Its ECOCERT/COSMOS-certified products are exported to more than 35 countries.
Commenting on the results, the business’ CEO Gunta Sulte said AS Mandara had started 2025 with strong growth that was “driven by new product launches, the development of ecommerce and the strengthening of our management team.”
“Expanding our team with professionals experienced in international markets is a key step toward achieving our strategic goals, and we are already seeing results in the form of record-high turnover in key markets,” she said.
The business has a minimum growth target of 10% for the full year of 2025, and estimates an annual turnover of €23.67m.