Korres' management is looking for a way to get away from the turnover of over €50 million and end the loss-making streak of the last few years.

To this end, it is focusing on the further development of its strategic product categories (facial care with special attention to anti-aging and fragrances) and on improving its figures in the Greek market. At the same time, Korres is targeting growth in the strategic markets of Europe, America and Asia, supporting also the rapidly emerging markets such as Australia and Latin America. In addition, the streamlining of the US market is being completed with the development of online sales through the Korres Loyalty program. 

NEW LAUNCHES

In the Face Care category, it launched a new "2-Step Skin Boost" program, focusing on different skin needs In the Sunscreen category, and in particular in the Sun Yogurt collection, it introduced new, even cleaner formulas this year: Homosalate+ free with EcoSun Pass certification, the first scientific evaluation of the environmental impact of UV filters, a new 50ml size in Yoghurt Face Sunscreen and 100% recyclable packaging in Yoghurt Face Sunscreen.  To support the sunscreen range, Korres has entered into a partnership with the well-known fashion brand Stefania Frangista In the Fragrance category, the company's new product is Philosia Eau De Toilette. At the same time, a new 10mL size was launched in the 4 best-selling fragrances for easy carrying in a handbag. In the second half of the year, Korres continues to invest in developing dynamic categories with new launches focusing on anti-aging, baby, and men's care, incorporating primary research that reveals the biological pathways of powerful natural actives.

BOND LOAN

On June 6, 2024, the Company signed a new €28 million common bond loan agreement to repay (refinance) existing borrowings of €27 million, while €1 million is directed to finance general corporate purposes Interest on the loan is calculated based on Euribor 3/6M plus a margin of 3.2%. The parent company, Nissos Holding (CY) Ltd., was appointed as guarantor of the loan. The repayment term of the loan is based on a bond repurchase plan until 18/12/2028.

WHAT HAPPENED  IN 2023? 

Last year, Korres' sales amounted to €50.12 million, up 4%, with the main drivers being the increase in the Greek market (+10%) and exports to important priority markets.  In particular, exports to fast-growing markets for the company were significantly boosted, for example, 141% in Australia and 89% in Eastern Europe. The rise in sales was also not to be sniffed at in the group companies in France (+31%) and Germany (+14%) that supply their products to the company. Regarding the US, the restructuring of the distribution networks was completed in 2023, and now Korres USA is focused on growth and profitability.