2020 was an intense and volatile year.

We started the year extremely optimistic, building upon our “Scaling Up” theme for 2019, but little did we know that COVID-19 would hit the world with such a massive medical and economic impact.

COVID-19 has not just pummelled the global economy, but it has also changed the growth curve of the three big forces that are shaping the modern world:
1. Globalisation has been truncated.
2. The digital revolution has been radically accelerated.
3. The geopolitical rivalry between America and China has intensified.
For many businesses and people, there will be no going back to the pre-COVID world.

The beauty industry has been hit during the COVID-19 pandemic.
With the lockdowns, many retail stores were closed, and travel retail has almost disappeared as airports remain empty.
Prestige sales have also suffered in the western world, with only China showing growth in 2020, whilst makeup sales have suffered due to social distancing and the wearing of masks.

Toly’s business levels dropped by 17% top line, but with the strong cost focus and support from governments around the world, we have protected jobs and retained a solid financial foundation.

During the year, we continued to launch many exciting new products across all our categories, not just in the classic categories of makeup, skincare, and fragrance, but also across our paper division Toly Deluxe, and our full-service division Beauty Trill, supported by Toly Design Studio as well as our strong focus on innovation.

Our theme for 2021 is:

Playing To Win
Recover… Reinvent… Reignite

As a company, we need to continue to play to win instead of playing not to lose or just playing to stay in the game.
By focusing on winning, we will recover what we lost in 2020.
We will reinvent the way we do business and support our customers with exciting new innovative, on-trend products, and we will reignite our passion by lighting a fire within ourselves, to always be one step ahead.

At the same time, we will continue to live our core values built around our people, our passion, our pride, and our creativity.

Despite the business setbacks, we have not lost our ambition and have continued to invest in our people, our capabilities, and our creativity.

The Phase 2 expansion of our new Malta factory has been completed, along with additional capacity for metallising, as well as a 3D printing farm.
Our capabilities in Korea have also been expanded, with new manufacturing plants and equipment.
Across the group we have a strong focus on operational excellence and sustainability, incorporating both the materials that we use as well as the way we design new products.

This year, Toly Malta celebrates 50 years of manufacturing in Malta, which is a milestone for any company, and speaking to our long-term employees it is clear that Toly has changed over the years and continues to reinvent itself in line with the changing market.
At the beginning of 2021, we officially changed our logo from “Passionate About Packaging” to include “Building On Beauty”, as we continue to evolve into a beauty powerhouse, offering a 360-degree approach with speed-to-market, sustainable, and innovative solutions.

Looking forward,
We will not rest on our laurels.
We will continue to build a great company with great people, and we will maintain a strong sense of purpose and community.

Our future will be created by the way we act today, not tomorrow.

Thank you to all our customers, employees, and stakeholders for your ongoing support.
We will continue to remain positive, as
“After every storm, a rainbow will appear.”

Andy Gatesy
Chairman & CEO