LR Health & Beauty's Hungarian Sales Slip Back to 2020 Levels After a Decade of Expansion
The Hungarian subsidiary of LR Health & Beauty grew its turnover more than eightfold between 2013 and 2022, before three consecutive years of decline pulled revenue back to roughly where it stood in 2020. In the background, parent company LR Global Holding GmbH has refinanced its maturing corporate bonds with a new Nordic Bond maturing in 2028.
A decade of compounding growth
The Hungarian arm of LR Health & Beauty reported turnover of HUF 208,864,000 in 2013. The following years brought steady expansion: HUF 235,980,000 in 2014 (+13.0%), HUF 319,302,000 in 2015 (+35.3%), HUF 321,331,000 in 2016 (+0.6%) and HUF 387,462,000 in 2017 (+20.6%).
The pace then accelerated sharply. Sales reached HUF 550,312,000 in 2018 (+42.0%), HUF 815,162,000 in 2019 (+48.1%), HUF 1,322,307,000 in 2020 (+62.2%) and HUF 1,704,190,000 in 2021 (+28.9%).
The all-time high came in 2022, when the subsidiary posted HUF 1,715,195,000, a further increase of 0.6%. Measured from 2013 to 2022, turnover had grown more than eightfold.
Three years of decline
The trend reversed after the 2022 peak. In 2023 turnover eased to HUF 1,684,510,000, a decline of 1.8%.
The following year brought a far steeper correction: 2024 sales fell 17.5% to HUF 1,388,937,000. In 2025 the figure was HUF 1,368,090,000, down another 1.5%.
That leaves the Hungarian operation at roughly the level it recorded in 2020, effectively unwinding the gains of the two strongest post-peak years.
Bond refinancing at group level
Parent company LR Global Holding GmbH finances its operations and expansion through the issuance of corporate bonds. The group has replaced its maturing earlier bonds with a new so-called Nordic Bond maturing in 2028, bringing in fresh institutional capital in the process.
The majority owner behind LR Health & Beauty since 2012/2013 has been Quadriga Capital, a European private equity investor.
According to the source, the bond refinancing and the capital raised alongside it may also serve as a preparatory step toward a possible future change of ownership, or exit.
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