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“Such a link will have a multiplier effect”: Denis Manturov spoke about supporting the perfumery and cosmetics industry in Russia

Date: March 29, 2024 Time: 02:36:31

Deputy Prime Minister – Minister of Industry and Trade of Russia Denis Manturov held a meeting on the development of the perfumery and cosmetics industry in Russia. The event was attended by Aleksey Nechaev, head of the New People faction, Svetlana Matelo, chairman of the board of directors of the National Council for Perfumery, Cosmetics and Household Chemicals of the Association of Commodity Producers, Igor Karavaev, chairman of the Association of Businesses Retailers, as well as representatives of the largest companies in the industry.

The National Council of Perfumery, Cosmetics and Household Chemistry” presented a report in which the preliminary results of 2022 were released. Therefore, the industry has seen a constant increase in the participation of national producers in the domestic market in 7-8% in monetary terms, as well as an increase in the production of perfumery and cosmetic products by more than 10%.

“We must provide all the necessary support to businessmen who have decided to implement import substitution projects for the production of finished perfumery and cosmetics products, as well as raw materials and packaging,” Denis Manturov explained. – For example, it is necessary to control the supply of its production with the demand, stimulating the conclusion of mutually beneficial agreements between manufacturers of raw materials, packaging and cosmetics. If such contracts are concluded, the participants in the chain of cooperation will be confident in the demand for their products in the market and will invest with great enthusiasm in expanding production and mastering the production of new types of products. This link will have a multiplying effect.”

“Despite all the difficulties associated with the availability of raw materials and the lengthening of logistics chains, the main Russian players have coped with the tasks set to provide the population with the necessary goods,” Svetlana Matelo emphasized. – At the same time, all manufacturers had to significantly increase inventories of both ingredients and finished goods, which required additional working capital on our part. But thanks to this, today we can affirm that national companies are ready for a further increase in production volumes; this is a positive effect.”

Industry representatives thanked the Russian Ministry of Industry and Trade for their assistance. Among other things, the meeting announced the results of a new support measure: subsidizing part of the cost of television advertising. This mechanism contributed to an increase in sales volumes of companies in the perfumery and cosmetics industry by an average of 16 – 19%.

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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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