Jasmin expanding its business in the region – Taking over Cosmo perfumeries in North Macedonia

There is every chance that customers will soon encounter perfumes from the famous Serbian chain in Skopje. Jasmin intends to take over at least four stores in North Macedonia.

These drugstores currently operate under the name Cosmo, and the list of brands they offer partly coincides with Jasmin’s product range.

Step-by-step takeover

The Agency for the Protection of Competition of North Macedonia recently received an announcement of a concentration. Jasmin from Belgrade intends to take control of Jasmin perfumery DOOEl from Skopje. According to the information in the application, the sole owner of the Macedonian Jasmin perfumery is the company Matos Group from Skopje.

“The Commission for the Protection of Competition has received a notification of a concentration by which Jasmin doo from Belgrade intends to acquire control over Preduzece za trgovinu i usluge Jasmin parfimerija DOOEL Skoplje, through the sale of shares,” the notification states.

It is also added that “Jasmin doo is engaged in the retail sale of cosmetic and toiletry products in specialized stores, and the majority shareholder, with a share of 75%, is Radix.”

Preduzece za trgovinu i usluge Jasmin parfimerija DOOEL Skoplje is engaged in the same activity, namely wholesale and retail sale of perfumery and cosmetic products. The sole shareholder is Matos Group.

“The company Matos Group has signed a Preliminary Agreement on the transfer of the entire share of Jasmin parfimerija to Jasmin Beograd. Upon its implementation, Jasmin Beograd will acquire exclusive control over Jasmin parfimerija,” the announcement says.

However, this is not the entire transaction. Another party is involved in this deal. This is the company Tineks-MT.

This company, through its subsidiaries Cosmo Tinex Drogerije, operates under the Cosmo trademark. It is engaged in the retail sale of perfumery and cosmetic products, as well as personal and household hygiene products.

And as the application shows, the Macedonian company Jasmin parfimerija will actually first take over part of Tineks-MT, the one which includes Cosmo perfumeries.

“Jasmin parfimerija will acquire exclusive control over the functionally defined part of the Tineks-MT company. The Jasmin parfimerija company will take over the operations of four business units - Cosmo Tineks Drogerije, which as subsidiaries operate under the Cosmo trademark. Together with the stocks of finished products, equipment and furniture located in them. The acquired stores will continue to operate under a new, different brand,” it was announced.

A schedule of steps has also been provided. First, Jasmin parfimerija will take over four business units. Then, the entire participation in Jasmin parfimerija will be transferred from Matos Group to Jasmin Beograd.

“Both legal matters are mutually conditioned parts of a single operation. For the purpose of assessing the concentration, the applicant proposes to define the relevant product market as the retail market for perfumes, cosmetics and personal hygiene products in the territory of Skopje, Republic of North Macedonia,” the notice further states.

Who are the owners of Jasmin?

Jasmin is an old brand in Serbia. This perfumery chain has been operating since 1956. In recent decades, it has been privately owned. The majority share of 75% is in the hands of the Radix company. Radivoje Drazovic owns around 22%, and Dragoslav Drazovic owns less than 3%.

When it comes to the Radix company, the majority share, 78%, is in the hands of Radivoje, and around 22% is in the hands of Dragoslav Drazovic.

This company was founded in 1990 and is among the leaders in the distribution of cosmetics and perfumes in Serbia and Montenegro.

Radix privatized the largest perfumery chain in Serbia, Jasmin. This chain has more than 35 stores, 21 of which are located in Belgrade. The perfumery chain employs around 245 workers. They took over the chain because it was the only way to become distributors of famous companies.

The report states that Radix has been a co-owner of Radix cosmetics from Zagreb since 2011, with a 51% ownership stake.

It distributes cosmetics brands Guerlain and ITF in Croatia. They independently purchase goods from foreign partners and operate independently, so there are no sales of goods between these two companies or other transactions.

Jasmin Belgrade generated around EUR 33.3 million in operating income last year.

Net profit was around EUR 2.4 million. Radix had around EUR 25 million in operating income and almost identical profit.

Jasmin d.o.o. Beograd

Radix d.o.o. Beograd

Jasmin doo Beograd

Radix

Cosmo

Agency for the Protection of Competition of North Macedonia

Preduzeće za trgovinu i usluge Jasmin parfimerija DOOEl Skoplje

Matoš Group Skopje

Tineks MT

Cosmo Tinex Drogerije