Health and beauty

The queen of Korean beauty? It comes from Agrate

It’s the largest cosmetics firm within the made in Italy, with 673 million in turnover in 2021 and 16 vegetation worldwide, and it’s no coincidence that one among its most essential analysis facilities is in South Coreawithin the homeland of international skincare. We’re speaking about Intercos, an organization from Agrate Brianza that designs and produces make-up but additionally merchandise for pores and skin, physique and hair care. And which relies within the cosmetics quadrilateral, within the space between Milan, Brianza, Bergamo and Crema, the place 67% of the make-up exported to Europe comes from, for manufacturers equivalent to Estée Lauder, Dior, Chanel, Lancôme and Helena Rubinstein, and the place a lot of the 500 firms within the sector work which, in keeping with knowledge from Cosmetics Italy turnover of 10.5 billion euros with an export share exceeding 80% and an funding in innovation of 6% of turnover, in comparison with 3% of the nationwide common. Intercos is the symbol of this nice consideration to innovation, for which 13-15% of turnover is spent and on which 800 of the roughly 5500 workers work. “Innovation is the engine of our progress”, Dario Ferrari normally says. That’s the one who based this firm in 1972 ranging from a basement in Milan from which he bought in Italy the lotions that his mom produced in Switzerland.

The increase within the pandemic

And it’s no coincidence that within the yr following the pandemic Intercos reported revenues up 11% and profitability exploded: adjusted EBITDA to 101.1 million euros, up 14.2 million (+16, 3%) and adjusted internet revenue of 41.2 million euros, up by 15.1 million (+ 57.7%) in comparison with 2020. Manufacturing is carried out all around the world with a widespread presence on all markets through which the corporate operates. Of the factories, along with the Korean one and 5 in Italy, 4 are in China, one in Switzerland, two within the USA, one in Brazil, one in Poland and the final, lately acquired, in India.

Korean property

In Korea the group operates by way of the subsidiary Intercos Korea. A helpful presence to preside over the quickly rising Okay-beauty market. Which is true, in keeping with Allied Market Analysis, (“K-Beauty Products Market by Product Kind, Finish Consumer and Distribution Channel: alternative evaluation and business forecast, 2021–2027,) 10.2 billion {dollars} and is estimated to develop by 9% per yr till 2027. Skincare, the enhancement of its texture is a real philosophy for Korean ladies. A Confucian-inspired philosophy: for which it’s essential to care for oneself – and do it with pure elements and strategies – earlier than having the ability to care for one other or others. Snail slime, bee venom, starfish extract, cloth masks are all concepts made in Korea.

Among the finest R&D facilities of the group

“Intercos Korea – CEO Renato Semerari tells We Wealth – is, in addition to a manufacturing firm, probably the greatest analysis facilities of the group, particularly within the skincare section, in basis and in all segments on the border between skincare and make-up (the so-called hybrids). This permits us to supply to start with to the Asian market prime quality merchandise completely tailored to the skins and wishes of the native shopper “. However that is not all: the subsidiary, which was totally taken over on the finish of 2020, with the acquisition of fifty% nonetheless within the palms of the earlier accomplice Shinsegae Worldwide, “represents a reference level additionally for Western manufacturers that must adapt their provide of regional product to be related to the Asian shopper “. And eventually, it’s the method to management innovation the place it occurs. Innovation which, as already talked about, “has at all times been the primary issue of differentiation and the primary driver for our progress, so it’s built-in at each stage of the availability chain – says Semerari – We collaborate for superior analysis with some universities in Italy and overseas and we have now a jv with an industrial equipment producer to innovate in manufacturing strategies; we have now additionally created Intercos Intelligence, which goals to establish the primary future tendencies on this planet of magnificence, by way of the mixed evaluation of macro knowledge from search engines like google and social networks ”.

The itemizing on the inventory change and exterior progress

As for the shareholding construction, if the relative majority (32.2%) remains to be within the palms of the founder, in November 2021 Intercos was listed on the inventory change with a free float of 29.1%. The rest belongs, 29% to 2 funds, historic companions of the Intercos group; 8.3% to GIC and the remaining to some managers of the corporate. Progress has at all times additionally occurred by way of exterior strains. “The acquisitions – says the CEO – have been basic to broaden our presence in sure geographic areas or market segments. The newest acquisition, on the finish of 2021, allowed us to enter the Indian market. The Cosmint one in 2017 was as a substitute applied with the intention of increasing the varieties of merchandise supplied, additionally serving the Hair & Physique section. We’ll proceed to grab any alternatives that the market will provide us. Sooner or later we see the consolidation of our management in make-up, robust progress within the skincare section and a rise by way of innovation supplied for the Hair & Physique section ”. That are the 2 segments which can be nonetheless strongest as we speak and returned to pre-pandemic ranges in 2021, versus make-up. However the prospects are vivid.

Return to the territories

“In 2022 we count on an additional progress in gross sales between 10 and 15%, thanks additionally to a progressive restoration of the make-up market”, says Semerari, whose estimate can be primarily based on the understanding that the latest occasions linked to the warfare in Ukraine they won’t have main impacts on the enterprise. “We’re not considerably uncovered to Russia and Ukraine, accounting for lower than 1% of direct gross sales. Nevertheless, a lot of our workers on the Polish plant are of Ukrainian origin. For that reason too, some initiatives have been applied aimed toward supporting the inhabitants affected by the battle: solidarity fund, provide of important merchandise, alternatives to entry new jobs ”. Indicators of the robust interconnection of the group with the native communities of the locations the place it operates. Over the previous couple of years, Intercos has applied a global mobility coverage in Italy which has given numerous younger abilities entry to realize expertise in all branches. “We’re always dedicated to selling solidarity recruitment packages and supporting NGOs or native organizations within the international locations the place we function. In 2020, for instance, we have been awarded by the UNHCR with the “Welcome, Working for Refugees Integration” award which allowed us to provoke quite a few contacts with refugees within the territories of Agrate and Dovera, providing them the chance to attend coaching programs aimed toward educate the talents and talents essential to change into operators within the manufacturing, warehouse, industrialization and technical companies sectors “.

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