Ontex is an international group specialized in hygienic products for baby, adult and feminine care. Ontex products are distributed in more than 110 countries under the company’s own brands and retailer brands. The main sales channels are retail trade, medical institutions and pharmacies.

0.6 %
Portfolio value 03/31/2023
Investment case

The industry benefits from supportive trends:

  • Resilience due to the essential nature of the products (hygiene basics), further augmented in the case of white label products in times of recession
  • Ageing population in western countries, benefiting the Adult Incontinence segment
  • Population growth and increasing adoption of hygienic products in emerging markets.

Ontex could benefit from these trends thanks to a further repositioning of its business:

  • Increase market share of both white label brands (mainly in Europe, resilient in a recession) and own brands (to capture growth outside of recessions)
  • Premiumization of its products through innovation
  • Greater exposure to growing products and categories (including adult incontinence, baby pants and digital)
  • Opportunity to enter new geographies (including North America).

The group has potential to increase its margin, through efficiencies and savings programs.


  • Board of Directors 3/12*
  • Strategic Committee 1/4*
  • Audit and Risk Committee 1/4*
  • Remuneration and Nomination Committee 1/5*