Oriflame saw its shares plunge 15 percent in value on Friday morning as the Swedish direct sales company announced slowing sales for the fourth quarter of the financial year, according to a report published by Reuters.
Oriflame announced a sales rise of approximately 7 percent for the fourth quarter, almost half the 13 percent rise it achieved at the start of the year. However, the sales tally is comparable with the growth achieved in 4Q 2015, when sales grew less than 7 percent.
CEO Magnus Brannstorm told Reuters that the slowdown can be attributed to market volatility in India, Mexico and Egypt, but is mainly due to difficult comparisons. However, the group put in a strong performance in Asia, Turkey and Latin America.