London, United Kingdom – 4 November 2025
Oriflame, a global beauty and wellbeing company, today announces agreement on the final terms of a comprehensive Recapitalisation Transaction (the “Recapitalisation Transaction”) with its shareholders, the revolving facility agreement (“RCF”) lenders to Oriflame Investment Holding PLC (“OIH”) and over 90% of the holders of the existing notes issued by OIH (the “Notes”). This development follows the announcement of its recapitalisation transaction in March 2025, marking a key milestone in strengthening Oriflame’s capital structure and reflecting continued confidence in its business model, brand strength and global community of entrepreneurs.
The key elements of the Recapitalisation Transaction include:
- an agreement with all creditors to recapitalise its balance sheet, thereby marking a significant new chapter for the Company’s future;
- a sustainable capital structure, with a balance sheet significantly de-levered by approximately €550m, securing meaningful maturity runway and enhancing the group’s liquidity position; and
- support from the existing RCF Lenders, ensuring the continued commitment of a c. €49m revolving facility into the new capital structure.
This builds on the announcement in March 2025 of the Company securing a €50m strategic investment from a consortium of long-term European investors and the af Jochnick family, providing a stable platform to drive a return to strong and sustained growth.
The af Jochnick family will retain 100% shareholding in the Group and work in collaboration with its other investors to drive a successful long-term partnership. The investors are pleased that this agreement includes the family’s continued involvement, given the significant contribution their values and leadership have made to the success and culture of the Company.
The Recapitalisation Transaction will support Oriflame’s significant operational transformation, which is already delivering improvements to key performance metrics, driving a return to growth in sales and recruitment in over 20 markets.
The RCF lenders, over 90% of holders of Notes and the shareholders have now signed lock-up agreements in support of the Recapitalisation Transaction. As a result, the Recapitalisation Transaction will be implemented consensually with the support of all relevant stakeholders.
Anna Malmhake, CEO of Oriflame, said: “The successful completion of this transaction marks an exciting new chapter for us all at Oriflame, one with a strong, de-levered balance sheet and continued support from investors. This milestone positively positions the business for future success, allowing us to focus on driving forward our transformation plan, accelerating innovation and continuing to provide a market-leading service to our customers and stakeholders. I look forward to continuing our work as we solidify the business’s position and set it up for long-term growth and future success.”
The terms of the Recapitalisation Transaction remain substantially the same as per the deal announced in March 2025 but have been amended to reflect certain changes agreed by the relevant stakeholders. For further detail, please see the presentation.
OIH intends to launch the consent solicitation process for holders of the Notes to formally vote on the proposed Recapitalisation Transaction in the coming weeks, with a view to completing the transaction by year-end.
Existing holders of Notes who have questions about the transaction may reach out to Rothschild & Co at Project_Glow_RandCo@rothschildandco.com and Carnegie Investment Bank AB at carnegie.projectg@carnegie.se.
Media Contacts for Oriflame
John Kiely, Edelman Smithfield
john.kiely@Edelmansmithfield.com / +44 7785 275665
Keir Thompson, Edelman Smithfield
Keir.Thompson@edelmansmithfield.com / +44 7581 034007
About Oriflame
As a globally renowned beauty and wellbeing company, Oriflame has empowered individuals since 1967 through its diverse portfolio of high-quality, innovative, and sustainable beauty and wellbeing products. It operates in over 60 markets.
Committed to ethical business practices and environmental sustainability, Oriflame takes pride in its Swedish heritage and people-centric approach. It operates through a modern social selling model, enabling over 3 million Beauty Entrepreneurs and members worldwide to become beauty industry insiders through a ‘Plug and Play’ micro-entrepreneurship model.
Oriflame’s product range spans skincare, cosmetics, fragrances, personal care, and nutritional supplements, all crafted with care to promote holistic wellbeing. Guided by the values of Togetherness, Spirit, and Passion, Oriflame continues to make a positive impact on communities worldwide and has been named a European Climate Leader by the Financial Times and Statista for the past five years.
For more information, visit www.oriflame.com.
