Famous Latvian cosmetics brand Dzintars changes hands

Take note – story published 3 years and 8 months ago

On Monday, September 14, the Estonian industrial group Skinest Group entered into a contract for the purchase of the assets of the bankrupt Latvian cosmetics and perfumery producer Dzintars, said group representative Anastasija Udalova. 

“Our only goal is to save the legendary trademark, resume production and turn Dzintars into a success story (..) again,” said Skinest Group owner Oļegs Osinovskis. “Historically, big industrial companies have been the backbone of the economy, and their successful performance is important to any country (..).”

“(..) The company is in good hands and we have enough capital to ensure that the company receives all the necessary investments for its development,” Osinovskis said. In his view, the company's product list includes several world-class products.

More than 50 companies in 15 countries belong to the Skinest Group in the Baltic States. The group has invested more than €40 million and has created over 800 jobs in Latvia. 

Dzintars (meaning 'amber' in Latvan) is one of the country's best-known brands, and claims to trace its roots back to 1849 when the Heinrich Adolf Briger soap and perfumery factory was founded in Riga, producing soap, candles, perfumery and Eau de Cologne from ready-made compositions from France. It existed as a popular brand name even through the period of Soviet occupation and state ownership, and in 1991 was reconstituted as a joint stock company.

In 2019, Dzintars faced insolvency and went bankrupt.

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