Oriflame Agrees Recapitalization Terms Cutting Debt by 550 Million Euros, Names Robert Bensoussan Chairman

LONDON, United Kingdom -- November 4, 2025

Oriflame said it has agreed final terms of a comprehensive recapitalization with its shareholders, the lenders under its revolving credit facility and holders of more than 90 percent of the notes issued by Oriflame Investment Holding PLC, all of whom have signed lock-up agreements supporting the transaction. The plan would de-lever the balance sheet by about 550 million euros and keep a revolving facility of about 49 million euros in the new capital structure, building on a 50 million euro strategic investment from a consortium of long-term European investors and the af Jochnick family announced in March 2025. The af Jochnick family will retain 100 percent of the shares.

The company said terms remain substantially the same as the deal announced in March, and that a consent solicitation for noteholders will be launched in the coming weeks with a view to completing the transaction by year-end. Chief Executive Anna Malmhake said the transaction gives Oriflame a strong, de-levered balance sheet and allows it to focus on its transformation plan and innovation. The company said its operational transformation has returned sales and recruitment to growth in more than 20 markets.

In a separate announcement, Oriflame said Robert Bensoussan, former chief executive of Jimmy Choo and former chairman of Feelunique, will become chairman of Oriflame Holding Ltd and Oriflame Investment Holding PLC effective on completion of the recapitalization. Bensoussan, who led Feelunique through its sale to Sephora, has also served on the boards of Interparfums and Lululemon. Alexander af Jochnick will remain a board member and said the af Jochnick family remains fully committed to Oriflame.