Ahava ECONOMIC

Request ID: d17f0934-0158-4b9d-bdcc-1aac849c399b Research date: 2026-09-30 Target: Ahava Dead Sea Laboratories Ltd.

Evidence convention: [pre-2020] denotes historical evidence before 2020. Evidence from 2020–2021 older than five years is separately labelled. “no public evidence identified” describes this research, not proof of absence. Undated pages were accessed on 2026-09-30.

Supply Chain & Sourcing Relationships

Direct supplier relationships

[pre-2020: April/August 2013; current relationships unknown] Who Profits’ photographic investigation identified Dead Sea Works, Zohar Dalia, YS Ashkenazi Agencies, Lanxess, Lonza, Zschimmer and Schwarz, and Eigenmann and Veronelli in Ahava’s ingredient supply chain. It also identified C.E. Roeper’s L-Menthol, Faci Metalest’s Octyl Palmitate, ISP/Ashland’s FlexiThix and Purac’s Purasal. These are historical observations, not verified current contracts.¹

[pre-2020: 2013; current relationships unknown] The investigation identified Delek Israel Fuel, Amnir Recycling, Moked Team 5 security, Sanwa packaging, Shmerling-Synchro/SDMO generators and Volvo Penta engines at or supplying the Mitzpe Shalem complex. Supplier involvement does not establish an Ahava defence contract.¹

[2026 research] no public evidence identified of Ahava procurement from Mehadrin, Hadiklaim, Galilee Export or Agrexco successors. Current corporate ingredient lists include Dead Sea water/Osmoter, algae and botanical extracts, but do not identify their contractual suppliers.^{2, 3}

Importer of record structure

[pre-2020: 2016–2018; current legal structure unverified] Who Profits identified Ahava North America and Germany’s Ahava Cosmetics GmbH as marketing subsidiaries; Fosun’s 2018 report identified branches in the US, Germany and China. These records do not establish which entity is importer of record for each jurisdiction, current ownership percentages or customs responsibilities.^{4, 5}

[2026 research] no public evidence identified sufficient to map a current wholly owned importer, joint venture or dedicated import entity across all markets.

Seasonal sourcing patterns

[2026 research] no public evidence identified of recurring December–April or other seasonal procurement from Israeli agricultural exporters.

Third-party and indirect sourcing

[June 2026] Anadolu Agency reported that Ahava products had been sold through a third-party seller on Superdrug’s marketplace and were subsequently removed. This establishes an indirect retail route, not direct Superdrug procurement from Ahava.⁶

[2026 research] no public evidence identified of a verified Ahava private-label arrangement involving settlement-origin ingredients.

Product Origin, Labeling & Regulatory Compliance

Settlement-origin products and extraction

[September 2025] The retrieved OHCHR database lists Ahava–Dead Sea Laboratories Ltd., home State Israel, and Fosun International Ltd., home State China, under activity (g), concerning business use of natural resources. The source is an accessible mirror of the OHCHR page; official-host retrieval failed during this research.⁷

[pre-2020: 2004–2016; historical licence discontinued according to the reported government response] Who Profits attributed occupied-area mud excavation to Ahava and cited Civil Administration correspondence. Its November 2016 update reports an April 2016 response stating Ahava no longer held that excavation licence. Original correspondence was not independently retrieved; continued licensed extraction cannot be inferred.⁴

[October 2024 company statement; disputed status in 2026] Who Profits reproduces Ahava’s statement that its entire production chain had operated only from Ein Gedi, within the Green Line, since 2022.⁴

[25 February 2026] Ahava’s published response says ingredients come exclusively from undisputed Israeli territory and extraction/production operate under valid permits. This is a company assertion; the permits and extraction coordinates were not supplied in the response.⁸

[5 June 2026] Anadolu Agency reported AFSC photographs from Mitzpe Shalem showing chemical containers carrying 2025/2026 dates and large piles of earth that researchers believed might be Dead Sea mud. Ahava denied operating a production facility at the site, said the site is owned by a local kibbutz, and reiterated that production was consolidated within internationally recognised Israeli territory by 2022. The observations do not independently establish present manufacturing quantities or the origin of particular exported batches.⁶

Labeling compliance

[Current guidance accessed September 2026] UK government cosmetics guidance requires imported products to identify country of origin. No public evidence identified of a current Ahava-specific conviction, final customs ruling or published enforcement order for origin mislabelling.⁹

Corporate labeling and sourcing policy

[25 February 2026] Ahava publicly asserts lawful sourcing within undisputed Israeli borders and environmental/regulatory compliance. No public evidence identified of a separate detailed occupied-territory labelling policy, batch-tracing disclosure or published supplier audit supporting those assertions.⁸

Investment, Capital & Financial Exposure

Foreign direct investment and Ahava ownership

[pre-2020: April 2016] Fosun announced an agreement to buy 100% of Ahava for NIS290 million from shareholders including Gaon Holdings, the Livnat family, Shamrock Israel Growth Fund Advisors, Mitzpe Shalem and Kalia. The announcement is evidence of the agreement, not by itself its completion date.¹⁰

[pre-2020: September 2016 investment; 31 December 2018 ownership] Fosun’s audited 2018 report records RMB539 million invested in September 2016 and 100% equity ownership at December 2018. Contemporary ownership is corroborated at group level by later corporate material, but the exact current Ahava percentage was not verified.^{5, 11}

[3 June 2020; older than five years] Fosun announced a proposed RMB558.18 million transaction increasing Yuyuan’s interest in Fosun Jinmei from 13.65% to 88.58%, with Ahava among the brands to enter Yuyuan Beauty & Health. This is an intermediate group-company percentage, not Ahava’s direct ownership percentage.¹²

[16 May 2022] Fosun subsequently described Ahava as an Israeli brand under Yuyuan Beauty & Health. The full current chain from that platform to the Israeli legal company remains unresolved.¹³

[30–31 August 2022; subsequently asserted ongoing] Fosun documented the opening of Ahava’s new Dead Sea factory. Ahava’s 2024/2026 statements identify Ein Gedi as the consolidated production location. The investment’s construction cost, land title and annual output were not disclosed in these records.^{11, 4, 8}

R&D and innovation centres

[pre-2020: 2013–2017; project closed] European Commission CORDIS identifies Ahava as coordinator of SuperFlex, grant 609198, running 1 September 2013–31 August 2017, with total project cost €9,386,197.60 and EU contribution €6.2 million. These are consortium totals, not an Ahava-only grant.¹⁴

[pre-2020: 2012–2016; project closed] CORDIS lists Ahava as a participant in SMART-NANO, grant 280779, running 1 June 2012–31 May 2016.¹⁵

[2022] Fosun described the new factory as supporting skincare technology R&D. No public evidence identified of a separately quantified current Ahava Israeli R&D headcount or annual R&D expenditure.¹¹

[2024 award; exact date undisclosed] Israel Innovation Authority identifies company 511334252 as a recipient under a programme for commercialising knowledge from a research institution into an industrial corporation. The entry does not disclose grant value or the specific project.¹⁶

Parent, beneficial owners and principal exposure

[August 2022; present portfolio completeness unknown] Fosun said it had invested in 15 Israeli companies since 2013, including nine startups through Fosun RZ Capital. Names, stakes and subsequent exits for the entire set were not established; these holdings cannot all be classified as controlling operating ownership.¹¹

[2026 research] no public evidence identified of separate material Israeli personal/family-office investments by Ron Michael, Roni Fein or Beth Ann Catalano beyond verified corporate roles. A complete current Ahava board and shareholder register were not obtained.

Acquired Israeli operating companies: target versus group

[2026 research] no public evidence identified that Ahava itself acquired another Israeli operating company. The following are relevant Fosun-group businesses; they are not established as Ahava subsidiaries.

[2026 research] no public evidence identified of an Ahava, Alma or Nova IDF/defence contract, critical-infrastructure designation or golden-share arrangement. Historical supplier military customers are not attributed to Ahava.

Portfolio/fund exposure and financing the State

[2026 research] no public evidence identified of Ahava underwriting Israeli sovereign debt, selling Israel Bonds, or disclosing Israeli sovereign-bond holdings.

[2026 research] no public evidence identified sufficient to attribute Israeli state/military/settlement insurance underwriting or direct lending to Ahava or its identified ownership chain. This was not a comprehensive holdings-level audit of every Fosun insurer or asset manager.

Operational Presence & Market Activity

Physical footprint

[Current webpage accessed September 2026] Ahava’s Israeli website terms identify Ahava Dead Sea Laboratories Ltd., company 511334252, at 1 Rakefet Street, Shoham, as the online retail operator.²²

[Government record accessed September 2026] The Innovation Authority lists 1 Arava Street, Airport City. This differs from the Shoham address in Ahava’s website terms and requires registry confirmation; the addresses should not be merged into a single verified current headquarters.^{16, 22}

[2022–2026] Ein Gedi production is asserted by Ahava, while the commercial purpose and operator of observed Mitzpe Shalem activity remain unresolved. No verified current comprehensive retail, warehouse or franchise-location schedule was obtained.^{4, 8, 6}

Employment and tax contribution

[2026 research] no public evidence identified of Ahava’s current Israeli tax payments, tax-residence certificate or PTE/SPTE designation. Israeli incorporation does not independently verify tax residence.

[H1 2025; group sibling] Sisram disclosed Alma’s 6% preferential effective tax rate as an SPTE. This status belongs to Alma and must not be attributed to Ahava.¹⁸

Market positioning

[August 2022; current ranking unverified] Fosun described Israel as Ahava’s largest market and China as its second largest. No public evidence identified of an updated 2025/2026 country-sales ranking or national cosmetics-market share.¹¹

Activity after the specified notice dates

[October 2024; after 19 July 2024] Ahava’s relocation statement demonstrates continuing commercial production in Israel as asserted by the company; it does not independently settle whether settlement operations ceased.⁴

[2025–2026; after November 2024] Corporate product pages remain active, the September 2025 database retains the relevant entries, and Ahava issued a sourcing response in February 2026. Current settlement-production status remains disputed rather than resolved by those facts.^{2, 3, 7, 8, 6}

[2024 award] The Innovation Authority entry supplies only a year, so it cannot establish whether its award occurred before or after 19 July or November 2024.¹⁶

Corporate Structure & Foundational Ties

Founding and incorporation

[pre-2020: 1988; ongoing legal identity] Ahava’s own 2015 press release dates founding to 1988. Its current Israeli terms identify the operating legal company and registration number.²²

Headquarters and domicile

[Current/government records accessed September 2026] The target is identified as an Israeli legal company, with Shoham in its website terms and 1 Arava Street, Airport City in the Innovation Authority record. No public evidence identified sufficient to verify its current principal place of management separately from these addresses.^{22, 16}

Israeli-nexus checks

• Founding in Israel/Israeli-origin operations: documented 1988 Dead Sea origin and Israeli legal identity.²²
• Headquarters/principal management: Israeli contact addresses documented; precise current headquarters and principal management location unresolved.^{22, 16}
• Israeli tax residence/PTE: no public evidence identified for Ahava; Alma’s disclosed SPTE status is separate.¹⁸
• Current Israeli beneficial control: historical Israeli shareholders documented; Fosun acquired all shares and later confirmed 100% ownership in 2018. No public evidence identified of current Israeli controlling capital in Ahava.^{10, 5}
• Defence relationship/dominant national position: no public evidence identified establishing an Ahava defence contract or quantified dominant national market share.

State and institutional linkages

[2024] The Innovation Authority recipient entry establishes a government innovation-programme linkage, with amount and specific project unresolved.¹⁶

[pre-2020: 2012–2017; discontinued projects] EU research funding is documented through CORDIS; it is not evidence of Israeli state equity ownership.^{14, 15}

[2026 research] no public evidence identified of Israeli state ownership, government-appointed Ahava directors, designation as critical national infrastructure or a current state procurement contract.

Structural governance features

[2026 research] no public evidence identified of a golden share, state veto, founder-share mechanism or charter restriction tying Ahava’s governance to Israeli state objectives.

[pre-2020: 2015; present board role unknown] Ahava announced Beth Ann Catalano’s appointment to its board. That historical appointment does not establish a complete current board.

[2025 report examined] No Ahava name match was found in the retrieved A/HRC/59/23 text. This is limited to that document and does not establish absence from other UN reports.²³

Profit Repatriation & Economic Contribution

Revenue attribution

[pre-2020: FY2018; historical] Fosun disclosed Ahava operating revenue of RMB406 million and net profit of RMB16.3 million. These are total company figures, not Israeli-market revenue.⁵

[2026 research] no public evidence identified of current Ahava revenue generated specifically in Israel, settlement-attributable revenue or country-by-country profitability.

Profit flows

[2018 ownership; later group association] Ahava was consolidated within foreign-controlled Fosun, and later corporate material places the brand in Yuyuan Beauty & Health. Ownership establishes an economic interest, not actual remittance of profits.^{5, 13}

[2026 research] no public evidence identified of Ahava-specific dividend payments, intercompany royalties, management fees, transfer-pricing amounts or actual cross-border profit repatriation. It is therefore not established how much global profit remains in Israel or flows outward.

Economic ecosystem role

[2022–2024] Factory investment, skincare R&D and the government innovation-programme record document an Israeli manufacturing/research footprint. No public evidence identified of an official sector-anchor designation, quantified national contribution or current dominant national market position.^{11, 16}