Vanesa i Dènia Martínez: "Carinsa has many boyfriends, but we have fun with what we do."

BarcelonaSisters Vanesa and Denia Martínez, president and CEO, and vice president, respectively, of Carinsa, the business they had to manage after the sudden death of their father in early 2000, and to which they have dedicated the Alberto Martínez Institute Foundation, entrust their efforts with enthusiasm. One an economist and the other a telecommunications engineer, working in tandem, they have led the company—which develops, produces, and markets fragrances for the detergent, home and personal care, and food and animal industries—to a turnover of €66 million last year and 5,200 employees. Looking ahead, with their characteristic passion, they plan to expand into Canada and the US by 2026, among other projects they explain in the... showroom Esencia, on Passeig de Gràcia in Barcelona, ​​hosts its client industries and holds immersive, aromatic, and "disruptive" events and sessions in a Gaudí-esque setting, and where they also receiveCompaniesBetween them, her mother, Isabel Chamorro, who chairs the foundation, and an initial partner of her father, make up the board of directors of this family group determined "not to depend on third parties" and aiming to reach 100 million in sales by 2030, unafraid to strengthen its presence, for example, in Venezuela, where they have been operating for some time.

What is their assessment of 2025?

— (Vanesa Martínez): Very positive. Both economically and in terms of the development of various businesses, the opening of new countries, and also the opening of Esencia. Also, the Institut Alberto Martínez, the foundation, with the Alma awards.

What results did this translate into?

— (VM); We have experienced double-digit growth. In 2024 we will have a turnover of 60 million, and last year we grew by 10%, to 66 million.

And what about the evolution in recent years?

— (VM): A turning point was the pandemic. People got to know us. Before, there were over a hundred companies dedicated to the world of aromas and fragrances, and the big players have been consolidating. When COVID hit, these companies couldn't serve their customers. We, with the right measures in place, felt we couldn't leave the market without food, paper products, and fragrances. Customers who hadn't tried us before bought from Carinsa because they had few options, and they stayed with us. The following year, we started to grow and grow.

So, COVID was a push...

— (VM): It was a boost because they gave us a try, we provided excellent service, and we introduced many innovations. Plus, we have the best aromathers and perfumers in the world.

What are your medium and long-term goals?

— (VM): Our goal is to reach a turnover of 100 million by 2030. We also dedicate significant resources to innovation—20% of our resources. Fortunately, we're a growing company and have many suitors, but that's not our primary objective. Furthermore, we enjoy what we do, we have an incredible team, and we believe we can contribute a great deal to the world.

Are they referring to investors who want to become shareholders?

— (VM): Yes, that's right. We didn't seek them out. On the contrary. Fortunately, we have the resources to do everything we want to do, and the banks are supporting us.

And they say they enjoy what they do, right?

— (VM): This isn't just about making money; it's because we genuinely love what we do. And we operate in two privileged sectors: food and perfumery and cosmetics. With our team of specialists in each field, we can contribute a great deal to the market. We currently have a project to slow the progression of Alzheimer's, and, for example, an air freshener that helps reduce traffic accidents in Morocco. This brings not only business but also satisfaction.

Are they not considering going public?

— (VM): No, we don't need to at the moment. And now is not the time.

Do they rule it out completely?

— (VM): You can never say. We're open to everything. I think now is not the time. Perhaps it never will be. It's not in our strategic plans.

How is their capital distributed?

— (Denia Martínez): The family owns 98% and then some strategic partners.

How do they run such a family-run company?

— (VM): We try to professionalize it as much as possible. We are very methodical. We have external advisors to the board of directors and we change their profile according to the needs of the company at any given time.

And who's in charge?

— (VM): The truth is, it's very much a consensus. Actually, it's the mother. She's the one with the most information and, above all, the one who brings the most common sense. I don't like the isolation of CEOs. We divide the work (our respective husbands also work in the group). There are indeed times and things that we decide together. For example, new topics.

What is the current status of the expansion of the Sant Quirze del Vallès plant?

— (DM): We'll build four new warehouses there. The first one is already finished, and we'll be adding the food processing equipment. We'll inaugurate it on October 27th of that year. The second warehouse will likely be ready by early 2027, and we'll house the entire perfumery section there. In any case, we're also keeping the warehouses we already have. The new ones will be completely different, fully automated and digitized. It's a complete change of concept. We're a very innovative company. We want to continue with this automation and use artificial intelligence, so the machines can operate 24 hours a day. The investment amounts to approximately 40 million euros.

The goal?

— (VM): We want to combine the industrial world, which we are very proud of, with the technological and artistic aspects of creating aromas and fragrances. We have invested heavily in this new robotics and artificial intelligence. We have created a bridge so that our clients and visitors can see this whole picture. Normally, when you go to a company like ours, you have to put on a lab coat, etc. We make it all an experience.

Tell me about the concept of Essence.

— (VM): We invest in neuroscience development projects; neuroaromas and neurofragrances. We believe that behavior can be changed through smell, and the idea is to do so positively. To influence. In the aromatic and perfumery sector, what we do with neuroaromas is reduce critical nutrients like salt, fat, and sugar, and we positively trick the brain so that it's not perceived in the final product. Through these neuroaromas and neurofragrances—which is a protected name, a registered trademark of ours—in the area of fragrances, we've carried out a project called "Conoce" (Know), which uses objective sensory techniques to understand what the consumer thinks. Using objective sensory techniques, with galvanic sensors, pupillometers, etc., we make these smells have a positive impact on the brain. One example is the air fresheners that have helped Morocco reduce traffic accidents. Or we also have a project to slow down Alzheimer's by recalling moments from your life through smell.

What else?

— (DM): With COVID, many clients asked us to make an air freshener so that children, who had to be confined for three months, could concentrate. And we made four. It depends on what you smell; it's like music: some things can make you cry. If you start smelling something unpleasant, you also start to cry. It's about doing things that re-energize you in a positive way. We're also working a lot with hospitals so that, through fragrances, patients are happier and more cheerful. It's been shown that when people are happier, illnesses heal better. There are some illnesses where this isn't the case, but it can have an effect.

They are in 58 countries. Do they also manufacture?

— (VM): We have subsidiaries. Production is here. We have experience, for example, in Venezuela. Under Hugo Chávez, it was decided that aromas and fragrances were luxury goods, and tariffs were reduced for companies established in the country. We spoke with the distributor, and within a month, we had a company there and took advantage of that preferential exchange rate. We did very well. At that time, all the multinationals left, and we were the only company established there besides the local ones, which led us to have an 80% market share for three to four years. What we did in Venezuela was bring in the hearts of the perfumes—because the main base of perfumes is the hearts of the perfumes, which are more concentrated and cheaper to transport—and they finished the product for each client.

And are they still in Venezuela?

— (VM): Now we're doing things differently; we sell directly to customers. And we'll be doing much more. It's time to win back Venezuela. It used to be an important market for us. Obviously, it declined, and now we believe it's the right time because it's a country that's going to rebuild.

How do they do it?

— (VM): We expand into new countries every year. In fact, we're currently looking at Africa. We're also launching new products. In the markets where we're already present, we're growing our customer base. The implementation strategy varies depending on the country and the time. For example, we've been in Morocco for 25 years and have a complete infrastructure in place. In other countries, like Algeria, we still sell through our subsidiary, which then sells directly to the customer.

Have they been affected by US tariff policies?

— (DM): It has affected us, but for the better. It seems unbelievable, doesn't it? We sell a lot in Central and South America. The US creates many problems, and we have an advantage because our exports there started to grow last year. And, in fact, many of our distributors want to switch, and, for example, Mercosur is an advantage for us.

And the United States?

— (VM): Now we'll begin. The United States is a market where we already have some clients. But it's true that for us it's a market of opportunity because we're not present there. Legislation prohibiting artificial colorings is about to come into effect, and we already have solutions for various food products. It's the right time to enter the United States, and we're entering through an American distributor. The idea is to start with the confectionery industry.

How will they do it?

— (DM): In cosmetics, for the last 4 or 5 years, we've been getting a lot of patents. There's one we want to introduce in the US now, with another distributor. It's a patent for Botox that won't require injections. It will be added to the cream our client produces, and it can be applied to the face and will have the same effect.

More internationalization plans?

— (VM): We're always looking at the best way to enter a market. We've mentioned that we're present on four continents, and now we want to enter the fifth. We have a very powerful patent, which is an encapsulated caffeine for use in chewing gum and other products. We have a client in New Zealand who wants to incorporate it into their products.

Why do they want to be in so many countries?

— (VM): First, because export growth is constantly increasing. We're also helping our local clients export, because we have a thorough understanding of their final product in the markets where we operate. And, furthermore, we make excellent products because we have the best fragrance and perfumers in the world.

What is the role of the foundation, the Institut Alberto Martínez?

— (VM): We wanted to pay tribute to our father, so we created the foundation, the Alberto Martínez Institute, with five pillars that truly embody his spirit. One is education and outreach. This year, we'll launch a podcast featuring experts on each topic, becoming a platform for specific aspects of science. Another pillar is caring for the planet. And another very important one is supporting entrepreneurs. That's why we created the Alma Awards for start-ups In the categories that are the cornerstones of Carinsa's innovation: nutrition and health, perfumery and cosmetics, and sustainability and disruption—doing things differently. Another key focus of the Institute is the reformulation collaborative. Our vision is that by 2027, all the knowledge we're acquiring at Carinsa to improve business, to reduce sugar, fat, and salt in our products, will be applied collaboratively with our clients. However, some companies aren't large enough, and we'll provide them with the time and resources to support them in developing these types of products.

They invest in start-ups?

— (VM): We do it directly as Carinsa and through different types of investment. We're currently in good shape. Sometimes we have clients, like Sorbos; other times they're suppliers, and other times we become partners or joint collaborations. We also participate with other Catalan companies like Fluidra or Girbau in Indpuls to carry out open innovation.

How do family businesses avoid debt? How do they finance themselves?

— (VM): We want to be self-reliant and make our own decisions. If leverage is cheap and pays off, then go for it. But one of Carinsa's key principles is not being captive, depending on ourselves.

Have you considered selling to the end customer?

— (VM): No. We're clear that we'll never make the final product ourselves because we'd be competing with our clients, and we don't want that; on the contrary, we want to help them make their products more competitive. We want to grow both broadly and in terms of our backbone. This means expanding our product portfolios, the range of ingredients our products contain. And yes, fortunately, we have many projects in that direction.

And any others?

— (DM): For some years now we've been using biotechnology to create raw materials that don't exist yet, but it's for our own use. This is for use in our formulations. But we don't rule out setting up a company in the future that can sell these raw materials to other markets.