ROSINOER PLANS TO RETIRE FROM GROUPE CLARINS BOARD
Byline: Jennifer Weil
PARIS — Serge Rosinoer will announce his resignation as president of Groupe Clarins’s management board Friday during its annual financial meeting, the company reported in a statement.
His successor as of June 13 will be Christian Courtin, currently president of the international division.
Rosinoer started with Clarins in 1978 and is the right-hand man to company founder Jacques Courtin Clarins. During Rosinoer’s tenure, Clarins has evolved from a $5.7 million company to a $661.8 million firm.
Rosinoer will join the supervisory board. “Together with Jacques Courtin, they will continue to direct the strategy of the group,” the statement said.
In other company news, Clarins’s net profits were up 23.6 percent last year to $45.7 million on net sales of $660.4 million — a rise of 11.9 percent.
At constant currency fluctuations, net profits were up by 27.7 percent and net sales grew by 9.5 percent.
All figures are at current exchange rates.
According to a statement, the company attributed the strong increase in profits “to its brand awareness and favorable economic conditions.”
Clarins’s cosmetics division’s net sales were up by 12.1 percent to $619.4 million for the period. And “tight control of operating expenses, which grew by only 11.4 percent, allowed the group to increase its operating margin from 15.1 percent to 15.7 percent,” it reported.
Operating profits for the company rose by 22.7 percent to $89.2 million. At constant exchange, they grew by 20.7 percent.
The couture division that includes Thierry Mugler posted a 25.9 percent decrease in operating losses.
First-quarter 2000 consolidated net sales were up 18.2 percent to $196.2 million; the cosmetics division grew by 21 percent to $182.4 million.
For this year, the company said it expects net profits will vault more than 10 percent on net sales of more than $735.3 million.
At an extraordinary general shareholders’ meeting June 13, a net dividend per share of $0.96 will be proposed.