Boost in demand over the last two years – Remarkable increase of sales made by pharmacies

The domestic sector of manufacture & trade of cosmetics & perfumes is explored in a recent study conducted by Infobank Hellastat S.A. According to Alexis Nikolaidis, Economic Research & Sectorial Studies Senior Analyst, a trend towards stabilization and slight recovery is noticed, as a result of the increased domestic consumption of cosmetics & perfumes, despite the prolonged recession and enforcement of capital controls. According to the Hellenic Cosmetics, Toiletries, and Perfumeries Association (PSVAK), the value of the market amounted to €1.2bn in 2016, while a rise was noticed throughout the various categories of cosmetics, excluding widely-distributed products.

The gradual shift of the climate is reflected in the entry of new players into the manufacturing sector, also including pharmaceutical companies. Furthermore, the establishment of partnerships with the network of pharmacies is also noticed, as a result of the pharmacists’ decision to expand their product portfolio with Non-Prescription (Over-the-Counter) drugs and cosmetics.

An increase in the domestic production has been recorded over the last two years, which is due to: a) the gradual shift of the tastes of Greek consumers towards domestic products, and b) the increase in exports to foreign markets (currently exceeding €200m per annum).

The sales of widely-distributed products made by supermarkets were estimated at €445m in 2016; a figure that accounted for the biggest share of the market ,at 36.7%, versus 37.5% in 2015. The highest rise for this year was identified within the network of pharmacies, where 27.4% of sales were realized, versus 26.7% in 2015. Selectively-distributed products held 19% of the market, versus 18.8% a year ago.

The sales of cosmetics made by pharmacies have shown a remarkable increase over the last years, due to the fact that pharmacists have entered into partnerships with manufacturing companies of the sector, after considering the benefits that result from the high resistance level and positive outlook of this market.

According to Mr. Nikolas Gouzelos, CEO of Infobank Hellastat, “The cosmetics industry should place emphasis on the development and promotion of products that are characterized by high added value, and appeal to the pharmacies’ market, taking advantage of the development of synergies. In this context, a more favorable market outlook can be identified in the category of skincare cosmetics. Pharmacies can provide a significant boost to sales of these products, which is reflected in the investment implemented in research and development by a large number of companies that operate in the sector.”


Financial analysis

In the study conducted by IBHS, an analysis takes place of the financial statements of 87 companies. The main conclusions drawn can be summarized as follows:

•    In 2015, Turnover rose by 3.6%, compared to 2014, standing at €768.37m.
•    EBITDA fell by 17%, at €47.9m, while EBT subsided by 36%, at €28.6m.
•    The EBITDA and EBT margins dropped to 6% and 2.1%, respectively.
•    Capital leverage rose to 1.4 over 1.
•    Receivables were collected within 4 months, while Inventories were held over a period of 5 months.


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