Greek cosmetics sector showed resilience during the crisis

Greek cosmetics sector has shown resilience during the crisis with its turnover falling by 2.2 pct – 2.6 pct in the 2013-2016 period, Vasilis Korkidis, president of the Hellenic Confederation of Commerce and Entrepreneurship (ESEE) said on Wednesday, after the signing of a protocol of cooperation with the Hellenic Cosmetic Toiletry and Perfumery Association (PSVAK).

In the framework of the protocol, the two sides will set up joint working groups to specialize and implement specific actions.

“Today, the cosmetics and perfums sector in Greece, as the commerce sector in general, has been hit by the economic crisis. Turnover was around 750 million euros, while pre-tax earnings and EBITDA fell by 28.2 pct and 22.1 pct, respectively. However, turnover fell just 2.2-2.5 pct in the 2013-2016 period, showing resilience and highlighting the sector’s big capabilities and outlook,” Korkidis said.

He added that challenges remained: an economic recession and uncertainty persisted, along with a decline in available income and of consumption, creating an adverse business environment in the country. Additionally, higher raw material prices pressured profit margins, along with intense competition in the market.