Bogart's revenue grows 17.2% in Q1
In Q1 2023, French cosmetics group Bogart recorded a revenue of €64.8 million, up 17.2% over the same period last year. The group grew 12.3% in like-for-like terms and at constant exchange rates.
Bogart’s fragrances and cosmetics division, which includes proprietary and licensed brands like Carven ,Jacques Bogart and Méthode Jeanne Piaubert, posted a 24.5% revenue growth to reach €13.2 million. “Growth has been uniform across all geographical areas, with business especially buoyant in North and South America. Demand remains strong for Bogart's flagship products, such as the Silver Scent line by Jacques Bogart perfumes, which is a significant growth driver,” the group stated in a press release.
The Bogart Beauty Retail division, which includes selective perfumery chain April, recorded a revenue of €51.6 million, up by 15.4%. Growth was stronger in the chain’s German stores and in Slovakia, where Bogart bought selective perfumery chain Fann in January 2022.
Bogart did not provide any indication about the Q1 results generated by April in France, at a time when the chain is undergoing an in-depth reorganisation. In January, as the revenue and profitability of its French stores were declining, the group announced a ”reorganisation project” that is expected to lead to the closure of 17 of April's 67 French stores, and possibly to the suppression of 50 jobs as part of a job protection plan [known in France as PSE]. According to Bogart, the plan was approved in April by the regional authorities for the economy, employment, labour and solidarity (known as DREETS). April's retail network in Belgium is also being rationalised.
“A comprehensive restructuring plan, including store closures and a PSE, is fully funded in the accounts for fiscal 2022, for a value of €3.1 million. The store closure plan will be finalised before the end of the first half of 2023,” said Bogart in a press release dated April 27. The group underlined that these measures are expected to improve the chain’s operational efficiency, and is envisaging a profitability turnaround in 2023.
In fiscal 2022, the Bogart group recorded a loss of €5.4 million, compared to an operating income of €4.4 million a year earlier.
For fiscal 2023, Bogart is also looking forward to renewed momentum in its brands’ business, notably with the launch of a new men's fragrance by Parfums Ted Lapidus, and a new male/female fragrance duo by Carven.
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