Leading family firm Firmenich, a Swiss-based fragrance creator, has been named the winner of the 16th annual IMD-Lombard Odier Global Family Business Award.
The company, which is in its fourth generation and was founded in 1895 by Philippe Chuit, was awarded the prize at the 22nd Summit of the Family Business Network International in Singapore, which took place from 27 to 29 October.
The largest privately-owned company in the fragrance and flavour industry, which had revenues of CHF 2.9 billion (2.38 billion) in 2010, was praised for its ability to turn challenges into entrepreneurial opportunities and for its focus on its deep-rooted family values, the Firmenich Fundamentals.
“The Firmenich story is an inspiring example of how a relentless focus on quality can deliver a sustained competitive advantage for a family business,” said IMD president Dominique Turpin in a statement.
When contacted, the business, which is fully owned by the Firmenich family, refused to comment on the prize.
Previous winners of the award include LEGO, ranked as one of CampdenFB’s Top 50 Global Challengers, French luxury company Hermès and fast-growing Brazilian business Odebrecht.