Oriflame - comment

The company delivered results close to advertised - in particular regarding its turnaround program, which is encouraging of course. Members and sales however continue to fall at the same relentless pace and the company’s apparently reluctant and legalistic handling of its sustainability and eco credentials gives us little hope that the product range is in fact well aimed at the Direct Sales model in the 2020s. Management were very sparse in their guidance and bondholders are left hanging here.