Results this morning are a continuation of the membership tailspin the company has been in for years now, even as it seems to be slowing to inside -

RCF lenders ING and HSBC have hired Teneo in addition to Linklaters to deal with the company’s proposals. Meanwhile, over 75% of

The ad-hoc group holding close to 75% have signed a cooperation agreement and advisors Moelis are out asking holders to contact them to

Oriflame published a pre-recorded call yesterday and announced the transfer of four subsidiaries out of the restricted group, stating: "we are in active discussions to

Please find our updated analysis of Oriflame here. 

It’s finally happening. Membership is beginning to turn around and even a little faster than we imagined. But that’s the good news - all of it. The turnaround is effectively too

Oriflame results today were miserable as usual but better than forecast - for the first time... Specifically, the company improved its GM vs. last quarter by more than expected and almost to last year's level (which was

Please find our updated analysis of Oriflame here.

So the Felix household bought a blender the other day. It’s a great way to fix up smoothies in no time and it’s striking to see the ingredients blend to the point where they are no longer recognisable. In a way, Oriflame results in the last six months have been strikingly

The company delivered results close to advertised - in particular regarding its turnaround program, which is encouraging of course. Members and sales however

Just after writing that this should take a little longer, we are hearing that the company have already retained Rothschilds and rumour has it that

Please find our updated and improved model of Oriflame here.

Even Sweden has Fata Morganas. Or so it appeared to us when we saw progress evaporate in Q3, pushing out any stabilisation by another few quarters. The new cost savings program appears

Results this quarter were again behind our expectations. Management, sounding much improved this time, outlined its cost restructuring plan, which

Please find our updated analysis of Oriflame here.

On the surface, little has changed since we last looked at the name ahead of its Q2 results. It remains as uninvestible as it was then. But aside from bonds trading down and then seemingly catching a bid in the 30s, at least one metric has continued to improve, such that for a

Members fell even faster than we had projected and so did revenue. As most dissenting members are the novices (think churn is 80%), we now see revenue/member almost

Please find our updated analysis here.

It’s less a question of price than it is of time. The bonds have dropped just above 50c/€ as not even the much anticipated China reopening could arrest the ongoing slide of member numbers and consequently of revenue. Not a single region is visibly

Please find our updated analysis of Oriflame here.

We had been more negative than many with whom we discussed the name earlier this year, but the results in fact undercut even our expectations. By comparison the bonds are however

The cosmetics MLM company reported disappointing Q1 results today. We had generally been more bearish than most funds we spoke to, but the results certainly

Please find our slightly updated model on Oriflame here.

We have taken another look at the recent developments of price and member numbers by region and have decided to upgrade our EBITDA forecast for 2023 from

Please find our updated analysis here.

As an MLM Oriflame is more volatile than it would be if it were an ordinary company. But its turnaround is a mere question of time, in so far as it can find a solution to stabilise its Asian business and if the Russian business continues despite

Q4 was positive for Oriflame, as was the call. The company confirmed that it has moved all exporting operations out of Russia and so our fear of