Intercos closed its 2024 fiscal year with revenue of EUR 1.06 billion (USD 1.16 billion). Despite a cyberattack that disrupted operations in the first quarter and a weaker-than-expected market, particularly in the second half of the year, the Italian manufacturer achieved a 7.8% increase in sales compared to 2023 (+8.2% at constant exchange rates), surpassing initial forecasts.
Following a downturn in the first quarter, the company rebounded strongly, posting double-digit growth in each of the subsequent three quarters, with fourth-quarter revenue rising by 14.5% at constant exchange rates.
“Our business model has once again demonstrated its significant level of resilience. Intercos’ strategic diversification, ability to anticipate trends, and the innovation developed in the various geographic areas in which we operate have enabled us to deliver significant growth, even in situations in which well-known sector players have encountered difficulties. Asia, and China in particular, saw double-digit growth for our Group for all quarters, strongly countering the trends of the Western brands in the region and outperforming our direct local competitors,” commented Renato Semerari, CEO of Intercos.
EMEA reported sales of EUR 559.5 million, up +10.3% on 2023, and Asia reported sales of EUR 212 million in the year, an increase of +24.3% on 2023, despite the slight contraction of the Beauty market in China. The Americas was the only geographical area reporting a slight contraction in the year (-5.5%), contributing with sales of EUR 293.4 million, impacted by the fact that Intercos’ American plant was among the hardest hit by the cyberattack and a sharply slowing beauty market in the region.
The make-up segment reported sales of EUR 619.8 million (+3.4%), while skincare grew by 6.1% in 2024, to EUR 167.1 million, following the significant growth in 2023. Finally, Hair & Body reported sales of EUR 278 million, growing by 20.2%.
Regarding the outlook for 2025, Intercos pointed out that the Chinese market does not display tangible signs of recovery, and that the US struggles to regain momentum, while Europe progressively revised its growth rates downward at the end of 2024. Adding to that are uncertainties deriving from the geopolitical tensions and the risks of trade wars.
Despite this, “Intercos remains optimistic on its growth prospects, as it has previously demonstrated over the years its ability to handle complex market environments.“
