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2020 Governance, Compensation and Financial Report Ements
Governance, Compensation and Financial Report 2020 Governance, Compensation Governance report and Financial Report As part of our reporting suite, this stand-alone document contains the full details of our governance and compensation policies as well as the details of our financial performance. Compensation Compensation report An overview can be found in the Integrated Annual Report. Consolidated Consolidated report financial Statutory report financial Table of contents 3 Governance report 22 Compensation report 38 Consolidated financial report 102 Statutory financial report Appendix 114 Appendix Governance Report In this section 4 Group structure and shareholders 5 Capital structure 7 Board of Directors 16 Executive Committee 19 Compensation, shareholdings and loans 19 Shareholders’ participation 20 Change of control and defence measures 20 Auditors 21 Information policy Givaudan – 2020 Governance, Compensation and Financial Report 4 Corporate governance Governance report Ensuring proper checks and balances 1. Group structure and shareholders The Governance report is aligned with 1.1 Group structure 1.1.1 Description of the issuer’s operational Group structure international standards and has been prepared Givaudan SA, the parent company of the Givaudan Group, with its registered corporate headquarters at 5 Chemin de la Parfumerie, 1214 Vernier, Switzerland (‘the Company’), is a in accordance with the ‘Swiss Code of Obligations’, ‘société anonyme’, pursuant to art. 620 et seq. of the Swiss Code of Obligations. It is listed on Compensation Compensation report the ‘Directive on Information Relating to the SIX Swiss Exchange under security number 1064593, ISIN CH0010645932. Corporate Governance’ issued by the SIX Swiss The Company is a global leader in its industry. Givaudan operates around the world and has two principal businesses: Taste & Wellbeing and Fragrance & Beauty, providing customers Exchange and the ‘Swiss Code of Best Practice for with compounds, ingredients and integrated solutions. -
New Launches News
the scent post A MONTHLY UPDATE ON THE LATEST FRAGRANCE NEWS new launches top new videos poison girl roller pearl | DIOR les merveilleuses ladurée arizona coco mademoiselle intense english fields LADURÉE PROENZA SCHOULER CHANEL JO MALONE NEW FRAGRANCE NEW FRAGRANCE RANGE EXTENSION LIMITED EDITION news arizona | PROENZA SCHOULER elevator music hermè s creates a sense of miller harris’ concept meta cacti the fragrance created by ritual around its scents store heightens the by chiaozza byredo and off-white senses in canary wharf x régime des fleurs x | brrch floral coco mademoiselle edp intense CHANEL FRAGRANCE NEWS hermessence Hermès creates a sense of ritual around its scents Fashion house Hermès is expanding its perfume offering with a new range consisting of eaux de toilette and essences de parfum scents. Part of its Hermessence collection, the oil-based essences de parfum mark a departure for the brand, which has until now only created the lighter eaux de toilette. Intended to be worn either as a base for other fragrances or on their own, the fragrances add an additional layer to the ritual of putting on perfume, an idea explored in the Multisensory Beauty microtrend. The musk-based scent profiles, Cardamusc and Musc Pallida, draw on cardamom and iris oils, both of which are known for their wellness properties, including use as a decongestant. In line with Psychoactive Scents, as the wellness and beauty sectors become increasingly entwined, brands are exploring new ways to combine the properties of essential oils with high-end scents. FRAGRANCE NEWS miller harris’ concept store heightens the senses A very vibrant force has landed in Cabot Place, Canary Wharf. -
According to Said Regulation, the Presence of 26 Potential Fragrance
The perfume industry profoundly changed with the advent According to said regulation, the presence of 26 potential of modern synthetic organic chemistry. A turning point was fragrance allergens must be indicated in the label (list of the discovery of the vanillin synthesis from coniferin in 1874 ingredients), if concentration exceeds 0.001% in leave-on (the Reimer-Tiemann chemical reaction), which led to the product. Substances classified as carcinogenic, mutagenic or foundation in Germany of what is today one of the world’s toxic for reproduction are prohibited and will be reviewed by largest fragrance suppliers (Symrise). the Scientific Committee on Consumer Safety (SCCS) before In 1889, Aimé Guerlain used synthetic vanillin as the “base use is granted. note” of his commercial perfume Jicky introducing the To date, for example, the SCCS consider data insufficient concept of a perfume with a top note, a middle note to ban diethyl phthalates (DEP) and 4-hydroxybenzoic acid and a bottom note. Recognized immediately upon derivatives (parabens) from cosmetics (14), even though the application of the perfume, the top notes of a fragrance European Commission on Endocrine Disruption has listed DEP are generally comprised of the most volatile molecules such as a Category 1 priority substance, based on evidence that as d-limonene in citrus (lemon, orange zest, bergamot). they interfere with hormone function, decrease sperm counts Abundant in lavender and jasmine, the middle notes are in man, inducing early puberty in girls, and reproductive those -
2017 Annual Report Partnering for Shared Success 2017 Annual Report 2017
2017 Annual Report Partnering for shared success 2017 Annual Report 2017 Givaudan – 2016 Annual Report Givaudan at a glance Givaudan at a glance Our business in 2017 million 109Locations worldwide 46Production sites 424R&D spend 11,170Full time employees Sales in North America CHF 1,352 million Production sites 9 Employees 2,231 Annual sales in mature markets Sales in Latin America CHF 618 million % Production sites 57 6 Employees 1,471 Flavour Division We make life taste delicious Sweet% goods Beverages% Confectionery Soft drinks We are dedicated to expanding the world’s expression through Baked goods Fruit juices flavours by bringing moments of delight with delicious flavour Sugar confectionery Instant beverages and taste experiences. Our customers – global, international, Chocolate Total 54% Chewing gum regional and local – are in the food and beverage industry and of Group sales span across key segments including beverages, sweet goods, savoury, snacks and dairy. We explore the globe for ingredients, innovate to bring our customers unique propositions, and Dairy % Savoury delight millions of consumers around the world. Ice cream and yoghurt % Ready-made meals Desserts Snacks Yellow fats (margarines) www.givaudan.com – our company – about Givaudan Soups and sauces Meat and poultry Disclosure 102 – 6, 102 – 7 Givaudan – 2017 Annual Report million emissions score ‘A Sense of Tomorrow’ 19.2Hours worked safely GHGScience-based targets for 2030 CDPLeadership level A A new sustainability approach Sales in Europe, Africa and Middle East CHF 1,723 million Production sites 18 Employees 4,819 Annual sales in high growth markets Sales in Asia Pacific CHF 1,358 million Production sites 13 43% Employees 2,649 Fragrance Division We live to perfume life Fragrance% Ingredients Fine F%ragrances and Active Beauty Signature fragrances The artistry of our perfumers encompasses a myriad of scented Line extensions stories for brands everywhere. -
Table of Contents
Table of Contents Foreword Letter from the Chairman 4 Letter from the CEO 6 Fragrance Division 9 Fine Fragrances 11 Consumer Products 12 Fragrance Ingredients 13 Flavour Division 15 Asia Pacific 16 North America 17 Europe, Africa and Middle East 17 Latin America 17 Research and Development 19 Fragrances 21 Flavours 22 Corporate Activities and Organisation 25 GivaudanAccessTM 26 Safety and Environmental Protection 27 Human Resources 28 Corporate Governance 30 Givaudan Securities 35 Financial Review 38 Consolidated Financial Statements 39 Consolidated Income Statement 39 Consolidated Balance Sheet 40 Consolidated Statement of Changes in Equity 41 Consolidated Cash Flow Statement 42 Notes to the Consolidated Financial Statements 43 Report of the Group Auditors 71 Pro forma Condensed Consolidated Income Statement (unaudited) 72 Pro forma Condensed Consolidated Income Statement 72 Notes to the Pro forma Condensed Consolidated Income Statement 73 Statutory Financial Statements of Givaudan SA 74 (Group Holding Company) Income Statement 74 Balance Sheet 75 Notes to the Financial Statements 76 Appropriation of Available Earnings of Givaudan SA 78 Report of the Statutory Auditors 79 Givaudan World-wide 81 Givaudan - Annual Report 2001 1 Traveller’s Tree The endemic Ravenala madagascariensis has been named the Traveller’s Tree because around one litre of water is accumulated in each leaf base. This water is very useful for travellers in an emergency; and if you are in such a situation and have to cut one of the stalks at the base with your machete, you may additionally enjoy a refreshing green and somewhat floral scent. It is said that a traveller in need, standing in front of the tree and making a wish, will have this wish fulfilled. -
Paris, March 20, 2017 MAISON FRANCIS KURKDJIAN JOINS the LVMH GROUP Motivated by a Shared Vision of French Perfume Making and Th
Paris, March 20, 2017 MAISON FRANCIS KURKDJIAN JOINS THE LVMH GROUP Motivated by a shared vision of French perfume making and the creativity that inspires it, LVMH and Maison Francis Kurkdjian have announced their association in order to jointly pursue the long-term development of the fragrance House. Under the agreement LVMH will acquire a majority share in Maison Francis Kurkdjian. Marc Chaya and Francis Kurkdjian will continue in their current roles as Chief Executive Officer and Creative Director, respectively, and will remain shareholders of the company. Maison Francis Kurkdjian has since its founding in 2009 created contemporary fragrances characterized by excellence, savoir-faire and audacity. Consistent with the vision of the two founders, Maison Francis Kurkdjian is emblematic of a new generation of exclusive and atypical fragrance Houses. The House’s fragrance collection is conceived as a “fragrance wardrobe”. Committed to uncompromising quality in the unique tradition of French fine perfumery, the House at the same time proposes a contemporary vision of the art of creating and wearing perfume. Maison Francis Kurkdjian is currently present in 40 countries and in 2016 became a member of the Comité Colbert, the association that promotes French luxury and art de vivre around the world. Internationally-renowned perfumer Francis Kurkdjian has designed visionary fragrances that meld exacting quality and contemporary flair for leading names in beauty and fashion. He has in particular collaborated with several LVMH Houses, including Acqua di Parma, Christian Dior, Guerlain and, most recently, Kenzo. For more than 20 years he has explored new creative territories in fragrances through his own bespoke fragrance atelier, collaborations with artists and pop-up installations. -
Valentino's Qatari Owners Acquire French Fashion Brand Balmain 22
Valentino’s Qatari Owners Acquire French Fashion Brand Balmain 22 juin 2016 Bloomberg - Mayhoola for Investments said to pay as much as $563 million - Fashion deal is second this week by Middle Eastern investors Mayhoola for Investments, an investment fund backed by the emir of Qatar, acquired French fashion house Balmain, adding a brand favored by Kim Kardashian to a roster of labels that includes Italy’s Valentino. Financial terms were not disclosed, though a person familiar with the matter said Mayhoola agreed to pay close to 500 million euros ($563 million). The acquisition of 100 percent of Balmain from shareholders including France’s Hivelin family will allow the brand to accelerate its development by opening new stores around the world, advisers Bucephale Finance said in a statement late Tuesday. Balmain has become one of the most talked about fashion brands under creative director Olivier Rousteing, whose Instagram account is peppered with images of reality-television star Kardashian and her family wearing his military-inspired designs. The fashion house, founded by Pierre Balmain in 1945 and revived in 1995 by Alain Hivelin, has enjoyed strong growth since Rousteing joined in 2011, according to the statement. Mayhoola, which describes itself as a Qatari company focused on local and global investments, also owns Valentino, which is considering selling shares in an initial public offering as early as next year after nearly doubling profit on revenue of more than $1 billion in 2015. Mayhoola didn’t immediately respond to a request for comment. The acquisition of Balmain is the second fashion deal this week by Middle Eastern investors after Bahrain investment house Investcorp Bank BSC purchased 55 percent of Italian luxury menswear maker Corneliani SpA. -
Download ATELIER, Our Brand Collection
ATELIER _ our Brand Portfolio Acqua dell’Elba is the Essence of the Sea. Its uniqueness lies in the creation of artisan fragrances inspired by the sea in one of the most beautiful island of the Mediterranean Sea. Each product is created by expert Tuscan craftsmen using natural raw materials of the highest quality. Acqua dell’Elba is a family-run artisan fragrance house from Tuscany, started 18 years ago in Marciana Marina. It has a network of 28 branded retail outlets: 19 on Elba Island and 9 further stores located in some of Italy’s most beautiful destinations (Florence, Rome, Siena, Lucca, Como, Venice and Palermo). It has also developed a network of over 580 independent perfumeries across Italy that stock the products. Argan History Imagine walking in a semi-desert place, where dry winds blow and the earth breaks due to the lack of water. This is where Argan plants grow. With wide and rounded crowns, dark green and leathery leaves, gnar- led trunks, these incre- dible trees survive the difficult conditions of the Souss plain, giving life to a precious fru- it, whose oil has sur- prising properties. Even today, Argan berries are harvested by the expert hands of Berber women, who extract oil in a traditional way, through a very ancient process. Pure Argan oil is a rare and precious ingredient, a beauty ritual handed down for centuries for the care and rejuvena- tion of skin and hair. Argan Beneficial Properties Extremely rich in vitamin A, vitamin E, Omega-6 and anti- oxidants, Argan oil has always been known for its nutritional and moisturizing properties. -
Qatari Investment Group Acquires Parisian Fashion House Balmain 22 Juin 2016 the New York Times
Qatari Investment Group Acquires Parisian Fashion House Balmain 22 juin 2016 The New York Times Balmain, the Parisian fashion house beloved by Hollywood, the European jet set and the Kardashian clan, has been bought by a private investment group linked to Qatar’s royal family and that has sought to build a luxury- brand empire. Balmain, a mostly wholesale business, was sold to Mayhoola for Investments after having attracted bids from several other private equity funds, including L Capital, an investment firm backed by the European luxury conglomerate LVMH Moët Hennessy Louis Vuitton. Mayhoola “will allow the brand to accelerate its development, notably with the opening of new stores abroad,” Bucéphale Finance, the Paris-based boutique mergers and acquisitions firm that advised Balmain shareholders, said in a statement Tuesday evening. The sale will also fund the expansion of Balmain’s accessories business. “After completing this transaction, Mayhoola for Investments will hold 100 percent of Balmain’s capital,” the statement added. The terms of the deal were not immediately disclosed. Balmain’s shareholders included Jean-François Dehecq, the co-founder of the French pharmaceuticals company Sanofi, and the family of the former Balmain chief executive and controlling shareholder Alain Hivelin, who died in 2014 at the age of 71. Balmain has been injected with new fervor under the leadership of its 30-year-old creative director, Olivier Rousteing, whose signature look — leather jackets, tight bandage dresses and lashings of gold, satin and sparkle — has endeared him to film and reality television stars. Mr. Rousteing spearheaded a sellout collaboration with the fast fashion giant H&M last year, and he regularly posts pictures of celebrity friends wearing Balmain on Instagram, where he has 3.4 million followers. -
The Creation of a Perfume Is Both a Science and an Art, and Choosing a Scent Is Deeply Personal
Perfume 80 I south africa deLuxe I bEAUTY & hEALTH perfume I 81 The creation of a perfume is both a science and an art, and choosing a scent is deeply personal. Aroma is evocative. In French, the word for “to smell” is sentir. It’s hardly surprising that the same word also means “to feel”. I always knew my mother was in the room by the scent of Elizabeth Arden’s Red Door or, later, Estée Lauder’s Beautiful. I spent many childhood afternoons playing dress-up in my grandmother’s scarves and gloves, which smelled faintly of 4711 Original Eau de Cologne by Maurer & Wirtz. I would fill her empty bottles with water and line them up proudly on my windowsill, feeling very sophisticated. Yet I never really used to think about perfume until I read Molly Birnbaum’s biography, ‘Season to Taste: How I lost my sense of smell and found my way’. Suddenly, a door was opened and I began to appreciate the history, art and allure of perfume. Birnbaum was about to begin studying towards becoming a chef when she was involved in a horrific accident and lost her sense of smell due to head injury. Her book chronicles her journey towards recovery as she begins to understand the critical role that smell – a generally underrated sense – plays. She embarked on a visit to Grasse, France, considered the historical centre of the modern fragrance industry and the setting for Patrick Süskind’s novel, ‘Perfume’. Grasse originally produced leather goods during the Middle Ages. The smell of its numerous tanneries permeated the air. -
Fragonard Magazine N°9 - 2021 a Year of PUBLICATION DIRECTOR and CHIEF EDITOR New Charlotte Urbain Assisted By, Beginnings Joséphine Pichard Et Ilona Dubois !
MAGAZINE 2021 9 ENGLISH EDITORIAL STAFF directed by, 2021, Table of Contents Agnès Costa Fragonard magazine n°9 - 2021 a year of PUBLICATION DIRECTOR AND CHIEF EDITOR new Charlotte Urbain assisted by, beginnings Joséphine Pichard et Ilona Dubois ! ART DIRECTOR Claudie Dubost assisted by, Maria Zak BREATHE SHARE P04 Passion flower P82 Audrey’s little house in Picardy AUTHORS Louise Andrier P10 News P92 Passion on the plate recipes Jean Huèges P14 Laura Daniel, a 100%-connected by Jacques Chibois Joséphine Pichard new talent! P96 Jean Flores & Théâtre de Grasse P16 Les Fleurs du Parfumeur Charlotte Urbain 2020 will remain etched in our minds as the in which we all take more care of our planet, CELEBRATE CONTRIBUTORS year that upturned our lives. Yet, even though our behavior and our fellow men and women. MEET P98 Ten years of acquisitions at the Céline Principiano, Carole Blumenfeld we’ve all suffered from the pandemic, it has And especially, let’s pledge to turn those words P22 Musée Jean-Honoré Fragonard leading the way Eva Lorenzini taught us how to adapt and behave differently. into actions! P106 A-Z of a Centenary P24 Gérard-Noel Delansay, Clément Trouche As many of you know, Maison Fragonard is a Although uncertainty remains as to the Homage to Jean-François Costa a familly affair small, 100% family-owned French house. We reopening of social venues, and we continue P114 Provence lifestyle PHOTOGRAPHERS enjoy a very close relationship with our teams to feel the way in terms of what tomorrow will in the age of Fragonard ESCAPE Olivier Capp and customers alike, so we deeply appreciate bring, we are over the moon to bring you these P118 The art of wearing perfume P26 Viva România! Eva Lorenzini your loyalty. -
The Senses in Early Modern England, 1558–1660
5 Seeing smell Holly Dugan In January 2013, the Institute for Art and Olfaction commissioned graphic artist Micah Hahn and his design studio AutumnSeventy to create a series of prints on perfumery to commemorate its opening in Los Angeles.1 The result was Molecules, Series 1, which depicts three of the most influential molecules that defined twentieth-century perfumery – aldehyde C12, Iso E Super®, and Galaxolide.2 Gilded and embossed, the prints emphasize the chemical structure of these molecules, even as it renders them as fine art. That the prints are also lightly scented with each aromachemical depicted on it emphasizes the broader, and one might say synaesthetic, take on the mission of the institute: to connect fineart with olfaction. Although it is a visual representation of molecules that define modern perfumery, Molecules, Series 1 thus joins a long art historical tradition of cross-modal representations of sensation, particularly smell. Can a molecule be considered fine art? And, if so, which representation of that molecule best captures its olfactory beauty and renders it ‘visible’? Consider, for example, Hahn’s Galaxolide (Figure 3). It playfully invokes a wide variety of sensory modes to capture the aesthetic of Galaxolide. The print highlights both its chemical formula – C18H26 O – and its structural formula. Both are linked to its cultural associations with perfumery and public health. Galaxolide is a second-generation polycyclic synthetic musk, discovered in the 1960s, meant to synthesize the natural scent of deer musk. Translated into the language of public health, it is a hydrophobic but lipophilic ‘toxin’: it won’t wash off in water and is easily stored in human fat.3 Rendered into the language of commercial perfumery, however, it smells ‘clean’, a ‘musky, flowery, woody odor’ with a ‘sweet, powdery nuance’.4 Both its scent and its structure made it ideal for use in laundry detergents and soaps.