Connect with us

BIZ

Oriflame exiting Sri Lanka due to economic challenges

Published

on

Oriflame, a global beauty company, has announced its decision to withdraw from the Sri Lankan market effective 15 May 2024, citing a range of economic challenges that have made its operations unsustainable.

In a statement released, Oriflame expressed deep regret over its departure from Sri Lanka, a market it has been a part of since 1997. Despite years of dedication and resilience in the face of various challenges, the company cited a confluence of factors that have rendered its operations untenable.

“Unfortunately, despite our efforts, the macroeconomic environment, characterised by a series of financial crises, the global impact of COVID-19, stringent import restrictions, fluctuating exchange rates, increased operational costs and regulatory changes has significantly hindered our operations. These factors have made it unsustainable for us to continue our business in the foreseeable future,” it added.

Oriflame expressed gratitude to its brand partners, leaders, staff and stakeholders for their unwavering support, dedication and contributions over the years. Special acknowledgment was given to top leaders who have played integral roles in the company’s growth and success, being part of the top 15 council over the years.

This decision was not reached lightly. We have always been committed to nurturing the Oriflame dreams in Sri Lanka. However, the combination of these economic and operational challenges means that the outlook for our business in Sri Lanka does not align with our expectations for long-term profitability and growth,” the statement read.

The company concluded by expressing gratitude for the partnership with its stakeholders and extended best wishes for their future endeavours. 

(www.ft.lk)
(Except for the headline, this story, originally published by www.ft.lk has not been edited by SLM staff)

BIZ

Kunming-Colombo freight service takes off

Published

on

By

In a boost to bilateral trade, China’s S.F. Airlines launched its inaugural Kunming-Colombo cargo flight yesterday, marking a new chapter in Sri Lanka’s logistics connectivity with Yunnan Province.

S.F. Airlines deployed a Boeing 747-200 aircraft for the inaugural flight, which arrived at BIA from Kunming at 10:50 a.m. yesterday (26), carrying 22 metric tons of cargo.

S.F. Airlines – a major Chinese logistics carrier.

Continue Reading

BIZ

CIB Big City fined Rs. 1 mn. for selling overpriced bottled water

Published

on

By

CIB Big City, a private business outlet in Maharagama, has been fined Rs. 1 million by the Gangodawila Magistrate’s Court today (June 26) for selling overpriced bottled water.

A case was filed against the business outlet following a raid carried out by the Consumer Affairs Authority (CAA) officials on May 09, 2025.

During the raid, officials had discovered that a 500 ml bottle of water has been sold at Rs. 90 despite the MRP being declared as Rs. 70 by a gazette notification published on April 01, 2025.

The store is a part of the well known fashion chain – Wijaya Group, which is chaired by Mr. K.R.G Wijesundera.

Related News :

Continue Reading

BIZ

Oil prices plunge as Trump announces ceasefire

Published

on

By

Oil prices fell sharply to their lowest in more than a week on Tuesday as U.S. President Donald Trump said a ceasefire has been agreed between Iran and Israel, alleviating worries of supply disruptions in the Middle East – a major oil-producing region.
Brent crude futures were down $2.08, or 2.9%, at $69.40 a barrel around 0330 GMT, after earlier tumbling more than 4% and touching its lowest level since June 11.

U.S. West Texas Intermediate crude declined $2.03, or 3.0%, to $66.48 per barrel, having dived 6% to its weakest level since June 9 earlier in the session.

Continue Reading

Trending

Copyright © 2024 Sri Lanka Mirror. All Rights Reserved