CVS/pharmacy, one of the leading drugstore chains in the U.S. with 4,100 stores in 33 states, is a most important strategic partner for Noiro.
CVS had been looking for a unique high-quality European cosmetics series to complement their product range. Lumene, with a strong product and brand philosophy based on purity and substances derived from the Nordic nature, turned out to be the brand and the product that fulfilled the CVS criteria best.
The Lumene brand was test marketed last spring in almost 200 CVS drugstores, with convincing success.
As a new export market, the United States represents one of the biggest steps Noiro has ever taken. The Lumene range will be launched through the CVS/pharmacy outlets as follows:
The Lumene cosmetics range is far and away the market leader in Finland and for a long time it has held an over 25% share of the market for branded cosmetics. Lumene has also made a crucial contribution to the growth and development of Noiro as a whole.
Noiro is the only cosmetics manufacturer in the Scandinavian countries with its own product development on an industrial scale. In 2002, Noiro's net sales amounted to EUR 135 million with the Lumene brand representing more than one-third of that figure. Noiro had exports of almost EUR 50 million, and Lumene contributed two-thirds of this with retailers in more than 20 countries. Noiro's new, modern cosmetics factory is located in Espoo, Finland, and the company employs around 850 people.
For further information, please contact:
Pekka Rautala, President of Noiro
tel: +358 204 877 270
Internet:
CVS/pharmacy www.cvs.com
Noiro www.noiro.com
Backgrounder
Noiro
Noiro is engaged in cosmetics, personal hygiene and hairdressing products as well as institutional cleaning. In terms of research and development and manufacturing, Noiro is the largest enterprise in Scandinavia in its fields of business. Own brands account for over 80 percent of the net sales.
The brightest star in the product range is the Lumene cosmetics line, which accounts for more than one-third of the net sales and almost than two-thirds of the exports. Lumene is the leading brand on the Finnish market for cosmetics with a strong market share of over 25 percent. Other well known brands of Noiro are, for example, Herbina, a line for personal hygiene, Nanoel, representing selective cosmetics, and the Cutrin hair cosmetics line. Institutional cleaning products are manufactured and marketed under the name Farmos. Exports account for around one-third of Noiro's net sales, Russia being the biggest single export market.
The ownership base of Noiro is changing. As of early October 2003, it will become and independent company owned by funds managed by CapMan, a Finnish private equity investment company. Hitherto, Noiro has been part of the Orion Group ever since it was established in 1948.
|
Noiro in figures |
2002 |
1-6/2003 |
|
|
|
|
|
Net sales, EUR million |
135.3 |
70.5 |
|
Exports, EUR million |
48.4 |
24.6 |
|
Operating profit, EUR million |
9.8 |
3.8 |
|
Personnel |
850 |
850 |
CapMan Group
www.capman.fi
www.capman.fi
CapMan is one of the leading private equity investors in the Nordic countries and specialises in mid-sized buyouts in various industry sectors, technology investments in the IT and telecommunications sectors and investments in life science companies. CapMan has offices in Helsinki, Stockholm and Copenhagen. CapMan Plc is listed on the Main List of the Helsinki Stock Exchange.
LUMENE®
www.lumene.com
www.lumene.com
Lumene, a high-quality cosmetics brand manufactured by Noiro, comprises both skin care products and colour cosmetics. Product development for the Lumene range uses pure, natural ingredients from Scandinavia together with the latest technology and research findings. The name Lumene is derived from Lummenne, a crystal clear lake in central Finland.
The announcement can also be downloaded from the enclosed link.
