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Published: 2022-10-05 15:44:46 CEST
MADARA Cosmetics
Company Announcement

AS MADARA Cosmetics receives support from The European Bank for Reconstruction and Development through the Green Innovation Programme

Inside information, 2022-10-05 15:44 CEST -- AS MADARA Cosmetics is pleased to announce that its new self-service white label cosmetics platform SELFNAMED.COM has received support from the European Bank for Reconstruction and Development (EBRD) for further development. AS MADARA Cosmetics is the first SME in the Baltic states to benefit from EBRD support through the Green Innovation Programme, funded by the European Union’s Horizon 2020 programme.

Through its subsidiary, SIA Cosmetics NORD, AS MADARA Cosmetics created SELFNAMED.COM to make circular economy-principled cosmetics available across Europe with eco-conscious white-label products, using an innovative print-on-demand business model. With fast lead times and minimum order quantity of 1pc, the platform makes sustainable skincare products more available and reduces over-production.

As part of its support package, the EBRD will finance improvements to the SELFNAMED.COM platform and enhance the digitalisation of the business model. The total planned costs of the project are EUR 74 160, out of which EUR 63 036 is support from the EBRD, through the Green Innovation Programme, funded by the European Union’s Horizon 2020 programme. 

Here are the 2 main focus areas the EBRD support will cover: 
1. A mock-up generator will allow customers’ individual designs to be placed automatically on product images, eliminating the need for printing samples and photo shoots, which will reduce costs and human resources.  
2. New drop-shipping functionality and the integration of SELFNAMED.COM with e-commerce platforms such as Shopify and WooCommerce. 
The EBRD’s support will enable AS MADARA Cosmetics to develop its first technological start-up and continue promoting natural certified products in Europe and beyond.


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 investors.madaracosmetics.com.

         Contact information:
         Address: 131 Zeltiņu Street, Mārupe district, Mārupe, LV 2167, Latvia
         Contact person: Uldis Iltners, member of the Management Board
         E-mail: uldis@madaracosmetics.com
         Phone: +371 67 470 243
         Certified advisor:
         AS “LHV Pank”
         Contact person: Ivars Bergmanis
         E-mail: ivars.bergmanis@lhv.ee
         Phone: +372 680 2720