Asia lifts Oriflame

Swedish cosmetics firm Oriflame surprised the market positively with its Q2 report, despite lower than expected sales in Russia, which fell by 15%, measured in local currency. Meanwhile the beauty company saw sales in Asian countries increase by 20%.

Latin America, Turkey, Africa and Asia now account for 48% of total sales, and dependency on Russia and Ukraine is diminishing.

“The strong growth in China continues, and is becoming an increasingly important part of our operations,” says Magnus Brännström, chief executive, who has worked hard to reduce the company’s cost base.