Danish fashion group Bestseller has had an excellent financial year 2021-22, with record profits, but warns for challenging times ahead. The owner of brands like Jack & Jones en Vero Moda warns that market circumstances are deteriorating.
“Best year in company’s history”
In its financial year 2021-22, the Bestseller group saw its revenue rise by 33 % to 35 billion Danish crowns (4,7 billion euros). The pre-tax profit of 6 billion crowns (800 million euros) made 2021-22 “the best in the company’s history”, beating the records set just in the previous year. The record figures were achieved mostly in the first three quarters, as the end of the financial year already bore the signs of changing circumstances. “The coming period will require a different focus and hard work from us”, CEO Anders Holch Povlsen stated in a press release.
In the past few years, Bestseller has invested significantly in logistics, e-commerce and sustainability; a strategy that will not change despite the difficult market circumstances. The Danish retailer also promises to reward its employees with an extra month’s salary (just like in the previous year). “We we must maintain focus on our long-term ambition to make a difference and take the necessary steps towards a decisive, green transition”, the CEO added.