“We have started 2025 with strong growth, driven by new product launches, the development of e-commerce and the strengthening of our management team. Expanding our team with professionals experienced in international markets is a key step toward achieving our strategic goals, and we are already seeing results in the form of record-high turnover in key markets,” said Gunta Sulte, CEO of AS MADARA Cosmetics.
Turnover in EU markets (excluding Latvia) increased by 13%, while the Latvian market saw a 33% rise. The growth in Latvia is largely attributed to the divestment of the subsidiary SIA Cosmetics Nord — as of July 1, 2024, all sales transactions with SIA Cosmetics Nord are recognised as Latvian market revenue.
The MÁDARA brand’s turnover in Latvia alone grew by 6% in Q1 2025. Substantial growth was also achieved in Sweden, where turnover rose by 43%, in Germany by 33%, and in France by 18%. In Germany, expansion in the physical stores of the Müller retail chain contributed significantly to turnover growth, with products placed in 19 additional stores, including one in Austria.
The company also expanded its presence in the digital space by launching its first TikTok Shop in the United Kingdom.
“This step has proven significant in reaching new audiences, strengthening brand awareness, and expanding online sales channels,” the company said in a news release.
The management is maintaining its previously announced minimum growth target of 10% for 2025, which would correspond to an expected annual turnover of EUR 23.67 million.
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