Despite a drop in sales last year, Bestseller (the group behind Jack & Jones and Only) remains committed to expansion – especially in terms of its own shops.
330 new stores
Bestseller’s sales fell 4 % to 35.6 billion Danish kroner (just under five billion euros) in the 2023-24 financial year. While wholesale and online sales dropped, its own retail sales rose 5 %. At Only, shop sales even climbed 18 %, leading to an ambition to triple the brand’s retail arm over the next decade.
Bestseller opened more than 330 new shops and expanded its presence to more than 2,800 shops in 44 countries. Main brands Only and Jack & Jones took the lead with shop openings in France, Italy, Latvia and Portugal, among others. Still, Denmark, Germany and the Netherlands remain its biggest markets.
Balance is challenging
Despite the inflation and geopolitical uncertainties affecting the fashion market worldwide, as CEO and owner Anders Hoch Povlsen put it, profits rose 8 % to 5.3 billion Danish kroner (700 million euros). The CEO acknowledged that sales were below expectations, but stressed the company’s multichannel and especially retail strength. In particular, the aim is to open larger shops in strong locations.
Apart from putting even more effort into retail, Bestseller also wants to continue investing in sustainability. “Balancing growth with sustainability is one of the biggest challenges we face as a fashion company”, Povlsen said. The CEO remains optimistic nonetheless, pointing out that scope 3 emissions decreased by 17 % compared to the previous year – although that is still 8 % more than in reference year 2018.
