Earlier this week, on January 18, 2016, JSC Olainfarm signed an agreement whereby it acquired 100% shares in eco-cosmetics company Kiwi Cosmetics Ltd.. The acquisition will allow both companies to expand and to optimize their production, enter new markets and strengthen positions in existing ones. The existing management team of Agate Jurkovska-Kanca, Elina Iltnere-Karkla and Solveiga Zvejniece will continue working in the company. According to preliminary results, sales of Kiwi Cosmetics Ltd. in 2015 were 123 000 euros.
“We very highly value the ability of different Latvian producers to supply best quality demanded products to the increasing market of admirers of a green lifestyle. Latvia has several well-cherished companies both, in area of green pharma and eco-cosmetics that for more rapid development need a little stronger base. Therefore, we continue what we started with acquisition of Silvanols, Latvia’s green pharma leader, and are acquiring Kiwi Cosmetics, a producer of eco-cosmetics, a company, which is also driven by a desire to help people use the power of nature. We see many synergies between Kiwi Cosmetics and Silvanols in production, marketing and exports, and between Kiwi Cosmetics and Latvijas aptieka in distribution of eco-cosmetics with health claims. Also, experience of Olainfarm in production development, optimization and export expansion will provide considerable contribution to further growth of newly acquired company,” says Valerijs Maligins, Chairman of Olainfarm’s Board.
Co-founder of Kiwi Cosmetic Ltd., Agate Jurkovska-Kanca admits: “Five years ago, a company named “Kivvi” was founded to produce products with optimal balance between power of nature and achievements of science. From initial portfolio of five more classical products, including facial, eye and hand creams, we have grown to more than 70 products, including a special product line for men. We feel we have managed to make a good initial run, so Kiwi Cosmetics can now take-off and gain more and more height. We hope that soon many more people in many more countries will enjoy concentrated strength of its products. Olainfarm and its experienced team, whom we are joining will help us achieve that.”
Kiwi Cosmetics Ltd. founded in 2011 is producing eco-cosmetics for body and face, both, for men and women under “Kivvi” label. Its product portfolio includes more than 70 names, all suitable for vegans. Most of “Kivvi” products are certified according to internationally renowned ECOCERT standards. The standard guarantees that composition of cosmetic product includes only natural ingredients, sourced from biological farming, that products are produced in energy efficient way and that the packaging is recyclable and environmentally friendly. Some 30% of sales are made in Latvia, while 70% are exported to countries, including Austria, Bulgaria, Denmark, Czech Republic, Estonia, Italy, Japan, Lithuania, Norway, Poland, Romania, Slovakia, Slovenia, Finland, Spain, Germany and Sweden. In Latvia, products of Kiwi Cosmetics are sold in stores in Riga, Liepaja, Valmiera, Jelgava, Sigulda, Ogre, Adazi and Marupe, in beauty salons and internet shops.
Group of Olainfarm consists of parent company JSC Olainfarm, pharmacy chain of Latvijas aptieka Ltd.. JSC Olainfarm also owns 96.69% shares in leading Latvian food supplement producer Silvanols Ltd..
JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with more than 40 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company’s operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 40 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.
Information prepared by:
Member of the Management Board
Rupnicu iela 5, Olaine, Latvia, LV 2114
Phone: +371 6 7013 717
Fax: +371 6 7013 777