The year 2024 marked a historic peak for Lumene Group, highlighted by significant achievements in both business performance and sustainability initiatives. The Group achieved net sales of 102 million euros and an EBITDA of 10%, showcasing strong and long-term sustainable growth and profitability.

In 2024, Lumene Group took significant steps towards its vision of becoming the number one beauty company from the Nordics, recognised for its leading work in circular beauty among a wide international consumer group. By investing in people development, exploring new strategic markets, and expanding sales channels, the company not only exceeded growth and profitability targets but also improved employee engagement and successfully integrated the newly acquired brand, IDA WARG Beauty, into the Group. Sustainability remained a key focus, with LUMENE and CUTRIN achieving B Corp™ certification. This milestone makes them the first beauty brands in Finland to receive this recognition, which measures a company’s entire social and environmental impact.

BUSINESS HIGLIGHTS:

  • Revenue growth: Net sales reached 102 million euros, reflecting an overall growth of 8%.
  • Market expansion and strategic growth: International growth of 10%, with 51% of net sales from international markets. Expansion in Europe with launches in leading retailers like Boots, Müller, Flaconi, and Hebe, supporting the growth targets in the UK, Germany, Austria, and Poland. In Finland, growth of 7%, maintaining market leadership and outpacing the category for core segments skincare and makeup.
  • Innovations: Successful entry into new category with LUMENE hair care in Finland, featuring Nordic Hydra [Lähde], Nordic-C [Valo], and Nordic Bloom [Lumo] shampoos and conditioners. These top-selling products are now available in over 1,000 stores nationwide.
  • Investments: Decision to invest 10 million euros in modernising and expanding the production capacity in Espoo, Finland. The work is in progress and planned to be finalised in 2026.

SUSTAINABILITY HIGHLIGHTS:

  • Circularity: Lumene Group’s material circularity percentage grew to 62%, compared to 55% in 2023 (calculated using the Circular Transition Indicators framework).
  • New bio-based packaging: Introduced bio-based, recyclable 50 millilitre jars for LUMENE moisturisers that replace 97% of crude oil with circular pine oil. The carbon footprint of the new jar is up to 38% smaller compared to the previous bio-based package.
  • B Corp Certification: LUMENE and CUTRIN became certified B Corporations™, the first beauty brands in Finland to achieve this certification.

“2024 was a year of positive transformation on many levels with excellent results. We focused on accelerating our business as part of our ambition to make Lumene Group the next big export success from Finland. We invested in developing leadership, competence, and culture, creating a positive and growth-oriented company culture. We unlocked new strategic markets and sales channels for our brands. The results speak for themselves: we exceeded our ambitious growth and profitability targets, improved employee engagement, and successfully integrated a new brand, IDA WARG Beauty, into our family,” says Adrian Innergård, CEO of Lumene Group.

Lumene Group’s Annual Report 2024, including Our Year, Sustainability Report, and Corporate Governance, is now available at https://www.lumenegroup.com/reports/.

KEY FIGURES:

  • Net sales: EUR 102 million
  • Overall global growth: 8%
  • Growth, international markets: 10%
  • Growth, home market: 7%
  • EBITDA: 10%
  • Total circularity: 62% (compared to a global average of 7.2%)
  • eNPS: 27