$739.5 Million Revenue of World Leading ODM Intercos After Listing

Intercos, the world’s leading cosmetics ODM, announced its first annual report on its official website after going list. In 2021, the company’s revenue was $739.5 million, up 11.1% year-on-year. The group’s adjusted net profit gained 57.7 percent to $45.2 million. With a compound annual growth rate of 25%, China is the fastest growing market for Intercos.

Last week, Intercos released its first annual financial report after its going public. Last November, Intercos was listed in Italy. This is the first annual report of Intercos after its IPO.

According to its report, excluding nonrecurring costs, adjusted earnings before interest, taxes, depreciation, and amortization hit nearly $111 million, up 16.3 percent compared to 2020, thanks to improved sales and the ongoing recovery of productivity, especially in the second half of the year. The adjusted EBITDA margin on net sales was 15 percent.

The group’s adjusted net profit gained 57.7 percent to $45.2 million, while the net debt as of Dec. 31 was nearly $139 million, down nearly $73.9 million compared to the previous year.

“These results assure us of the strength of the group’s medium-term strategies,” said Intercos Group’s chief executive officer Renato Semerari. “Our business model’s originality, supported by a constant drive towards innovation, places us as the only international ODM [original design manufacturer] with a global focus capable of serving nearly all beauty segments. The group therefore continues to consolidate, among other areas, its makeup segment leadership with a more than 10 percent market share.”

Although, Intercos achieved double-digit revenue growth in 2021, its performance still has not beat the pre-pandemic level compared to 2019.

According to Intercos’ financial reports for the past three years, the company’s revenue was $784.46 million, $667.64 million and $741.6 million for the three years from 2019 to 2021, respectively. In terms of its net profit, Intercos is still in a declining with a net profit of $47.58 million, $41.6 million and $29.2 million recorded in 2019-2021, respectively.

The Make-up segment reported revenues of nearly $458.3 million, up 12.5% (+9.1% at like-for-like consolidation scope) in 2020. Although pandemic-related restrictions again hit hard in 2021, growth benefited from strongly recovering lipstick and powder sales and excellent performances in the Americas and Asia.

In fact, Intercos’ surging performance in Asia cannot be achieved without the contribution of the Chinese market. In last year’s Double Eleven(Chinese Shopping Carnival) cosmetics brand ranking released by Chinese e-commerce platform Tmall, eight of the 10 brands on the list have cooperation with Intercos. Intercos’s business in the skincare sector is not far behind that of cosmetics in China. As former Intercos China CEO Wang Yihua said, “Although most of the group’s revenue currently comes from cosmetics. However, in terms of China, the proportion of cosmetics and skincare has been relatively balanced with each accounting for half in most situations.”

Although the main market for Intercos is still in Europe and China’s performance is not the highlight in the overall group, it cannot be ignored that China is the fastest growing market for the group, according to Wang Yihua. “The current compound annual growth rate of performance from Intercos’ China has been as high as 25%.” It is reported that the revenue of Intercos is $157 million in 2020 in China.

In its earnings report, Intercos reported that the group’s ability to innovate and diversify its products, customers and geographic locations has enabled it to achieve double-digit growth with positive performance especially in the skincare business unit and in the China and US markets.

According to public information, Intercos was founded in 1972 and is headquartered in Italy, with Dario Ferrari as the founder and president of it. According to the official website of Intercos, the company has 14 sales offices and 13 production bases in 9 countries. It is reported that it has entered the Chinese market since 2003. Its cooperative brands include Chinese cosmetic brands such as Perfect Diary, Florasis, Mao Geping and Forest Cabin, as well as international brands such as L’Oreal, Estee Lauder and Armani. In addition, in February this year, Intercos also officially established a base for primer aesthetics creation and research with KATO-KATO, a Chinese color cosmetics brand.




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