The Majorica pearl company, one of the emblematic companies of Mallorca, tries to turn the page on its latest crisis. The company filed for bankruptcy at the end of 2020 drowning in debt – the 75% drop in sales caused by the pandemic, just finished giving it the finishing touch – and in May of last year the French investor Gregorie Agustin Bontoux-Halle, owner of the company MajolaPerla, was made with it for 12.3 million euros. The company’s general director, Didier Grupposso, affirms that the contest was the only way out if they wanted to avoid the closure of the Manacor-based pearl manufacturer.
“The former ownership had no intention of saving the company; the company had a huge debt, 20% of the billing went to pay it, and there was no way to propose any expansion plan”, says Grupposo. Until the bankruptcy, Majorica was part of the Drasan Limited group, owned by two French citizens living in Taiwan, who bought the pearl factory in 2005.
Now try to open a new stage. “We have a future, but we must rejuvenate the brand, dust it off and bring the pearl into the 21st century”, admits the CEO. The pearl is perceived as an ancient jewel, he adds, and his majority of clients are over 45 years old, especially in Spain. Hence, expanding the age target has been marked as a priority, attracting clients aged 30 and over, for which they have renewed the brand image.
Majorica, founded in 1890, has already gone through several crises. In the 1990s, it entered a stage of decline that worsened with the economic crisis of 2008. In 2018, the company billed about 20 million euros and lost two million. In 2019, it entered 21 million, but with the arrival of the covid, sales dropped to five million euros.
Will he be able to leave his problems behind this time? “Without a doubt, we have a serious and viable project and we trust our product”, insists Grupposso. “This year we expect to bill 14 million, although we are not yet profitable; We hope to have benefits next year”, continues the CEO. The billing goal for 2025 is 50 million.
The investment plan defended by the current owner contemplates technological improvements in the Manacor factory, promotion of the online channel and new profiles to refloat the firm. The bankruptcy led to a significant cut in personnel, going from 260 employees to 161. “We are growing again and we already have 220 workers,” says Grupposso in this regard.
