Eurofragance has announced plans to acquire its longstanding business partner PT Euronindo Fragrance in Indonesia. Effective on January 17, 2023, the transaction is expected to reinforce the presence of the Spanish fragrance house in the Asia Pacific region.
PT Euronindo Fragrance to become Eurofragance Indonesia
Eurofragance plans to expand its development, and marketing and sales capabilities in the Indonesian market to be on par with local competitors on this market which represents important growth potential for the company.
“Indonesia is a fast-moving country, this is the right time to invest further in a market which we entered over 20 years ago,” commented Santiago Sabateés, Founder and Chairman of Eurofragance during the official signature ceremony.
The Spanish fragrance house entered into partnership with PT Euronindo Fragrance seven years ago. Formerly known as Kemikaroma, the company used to import finished goods from Singapore into Indonesia. “To date, the company has sustained unparalleled growth and puts us in a comfortable position to go head-to-head with some of the largest competitors in the sector,” underlines Laurent Mercier, CEO of Eurofragance.
At the official closing date of the purchase, Edy Chandra, PT Euronindo’s actual Sales Manager will be promoted to Country Manager for the newly founded Eurofragance Indonesia.
Eurofragance sells its U.S. entity
In parallel to this expansion in Asia, Eurofragance has decided to out from the U.S. market. The company has sold its Eurofragance LLC subsidiary, based in Middlesex, New Jersey to The Riverside Company, effective on December 6, 2022.
Eurofragance’s entry on the United States market dates back to 2017, with the acquisition of a majority shareholding in Fragrance Design LLC, in Atlanta, Georgia. Mid-2020, the Barcelona-based perfume house outsourced its manufacturing capabilities to OnScent, owned by The Riverside Company. “After two and half years under this model, Eurofragance USA managed to triple its sales in this competitive market and hands over a promising business,” said Leandro Nonino, outgoing General Manager and Vice President Sales North America.
