Published: 2021-04-27 08:08:46 CEST
MADARA Cosmetics
Company Announcement

AS MADARA Cosmetics turnover growth continues with a 38% increase in the first quarter

Inside information, 2021-04-27 08:08 CEST -- The Company's consolidated (unaudited) turnover in the first quarter of 2021 was EUR 4.48 million, which is a 38.7% y-o-y increase and a 12% increase compared with the fourth quarter of 2020.

Turnover in European Union countries (excluding Latvia) increased by 40%, in Latvia by 24% and turnover outside the European Union reached a noteworthy 133% increase y-o-y. The expansion of e-commerce had a significant impact on the turnover, the share of e-commerce sales continues to rise. The share of direct e-commerce reached 45% of the parent Company’s first quarter turnover. The share had increased by 14 percentage points y-o-y and by 11 percentage points in comparison to the last quarter of 2020.

In the first quarter, 63% of turnover was generated in European Union countries (excluding Latvia), 29% in Latvia and 8% outside the European Union.

The Company continues to actively develop new products. At the beginning of the year, two lip balms, several body and face care products, such as vitamin C face cream, were launched. In response to a high demand and customer satisfaction with the Company’s sunscreen products, development of SPF50 sunscreens was finalized in spring and these will be available for sale very soon.

Management guidance for the turnover target of the Company for 2023 is EUR 27 million and remains unchanged.


The shares of Madara Cosmetics are admitted to trading on Nasdaq Baltic First North Market.

The Certified Adviser for AS Madara Cosmetics is AS LHV Pank.

MADARA Cosmetics was founded in 2006 and has become one of the leading manufacturers of cosmetics in Northern Europe and the leader in Latvia. The cosmetics brand MÁDARA represented by the company is a pioneer in the segment of natural beauty care and make-up cosmetics in Latvia. In 2016 and in 2017, the company ranked in the Top 10 of the Most Reputable Companies of Latvia. At the beginning of 2017, the limited liability company was transformed to a joint-stock company. Since November 2017, the company’s shares have been listed on the “Nasdaq Baltic” alternative market “First North”. The company has been awarded the European “Role Model” award of the “SME Star Awards 2018” organised by the European Parliament in Brussels for small and medium companies. In 2019, the company received the Excellence Award at Nasdaq Baltic Award 2019 and is one of the companies that rings the bell of the trading session on the Nasdaq Stock Exchange in New York. At the end of 2020, the idea of AS MADARA Cosmetics gained worldwide recognition and won the World Intellectual Property Organization (WIPO) award WIPO IP Enterprise Trophy. For more information, visit

         Contact information:
         Address: 131 Zeltiņu Street, Mārupe district, Mārupe, LV 2167, Latvia
         Contact person: Uldis Iltners, member of the Management Board
         Phone: +371 67 470 243
         Certified advisor:
         AS “LHV Pank”
         Contact person: Ivars Bergmanis
         Phone: +372 680 2720