Baltic Export, Latvia, Markets and Companies

As regards natural pharmaceutical cosmetic products, Dzintars has moved ahead of many popular foreign brands, he said.

"Development of natural pharmaceutical cosmetic products requires long research, laboratories and cooperation with medical experts, and, unlike many other companies, Dzintars has it all," Gercikovs said.

He claimed that Dzintars products indeed had therapeutic effect ensured by selected natural active ingredients targeting specific health problems.

The new natural pharmaceutical product line - Future Formula SOS foot care products - comprises three products: an anti-fungal spray, a softening foot balm and a blood flow stimulating foot balm.

According to Gercikovs, Dzintars is also developing several other natural pharmaceutical cosmetic products, including a revitalizing eye cream, a face scrub and a cold sore prevention lip balm.

Dzintars posted EUR 5.807 million in sales for 2016, while the company's loss was EUR 1.729 million.

Dzintars is a manufacturer of perfumery and biocosmetics, making more than 1,000 various products. The company was registered in 1991, and has a share capital of EUR 2.817 million.

The court launched a legal protection proceeding for Dzintars on October 17, 2016. The cosmetics company explained it had run into financial trouble but wanted to stay in business, and two successive economic crises - in 2008 and in 2014 - had caused a decline on its traditional markets, leading to shrinking sales, shortage of working capital and debts.