Apivita, the Greek natural cosmetics brand fully owned by Spain’s Puig since 2020, ended 2025 with €660,000 net losses during what management calls a “transitional” year. Sales fell 3.9% to €56.8 million from €59.1 million, with Greece (67% of total) down 5.9%.
Gross margins held strong at 56.6% with €32.1 million profits, but operating costs erased gains. SAP system transition boosted software depreciation, while sales promotion expenses rocketed to €3.3 million from €310,000.
Distribution expenses stayed at €25 million (44% of sales) across pharmacies, retail, e-commerce, hotels and spas. Admin costs rose 4% to €6.8 million on digital upgrades; EBITDA slipped to €1.61 million (2.85% of sales).
Interest on a €12.8 million short-term bank line pushed pre-tax losses to €315,000. Inventory swelled 16.5% to €19.9 million, with impairment provisions jumping to €1.73 million from €334,000.
Export reshuffle
Apivita exited China, zeroing sales from €732,000 in 2023 after distributor split and €635,000 in settlements. Taiwan sales crashed to €83,000, Asia total down 63% to €1.23 million, as Europe gained: Czech sales doubled to €2.35 million in two years, lifting continental exports to €16.75 million from €15.44 million. Latin America rose 38%.
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