BERLIN — Fragrance and flavors supplier Symrise posted a 16 percent drop in first-quarter net income to 20.9 million euros, or $27.4 million at average exchange, due to high raw material prices, weaker sales development, plus integration and restructuring costs.
The Holzminden, Germany-based company’s sales rose 2.6 percent to 346.7 million euros, or $454.2 million, in the period. In local currency, revenues dipped 0.3 percent.
Symrise’s operating profits decreased by 30 percent, or 40 percent in local currency, to 38.1 million euros, or $49.9 million.
Sales from the company’s scent and care division were down 2 percent, or 5 percent in local currency, to 179.8 million euros, or $235.5 million. At constant group structure, the scent and care division’s sales were flat.
“The market environment still poses a huge challenge for the whole industry,” stated Gerold Linzbach, Symrise’s chief executive officer, who will leave the company in October. “Customers are continuing to reduce their inventory levels, and their ordering behavior remains volatile. Symrise has succeeded in holding its own in this environment, although we are not satisfied with the earnings position.”
The firm says despite the economic downturn, it is still pursuing its goal of growing faster than the market.
The company also announced Thursday it has issued a promissory loan note of 75 million euros, or $99.8 million at current exchange, for the first time in an effort to strengthen its capital base.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
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The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion