Lakrids by Bülow sets revenue record: We will continue opening stores

You can read the Danish version here.

Today, we can report that Lakrids by Bülow has achieved a new revenue record in its 2023 financial statement. The company, which was founded on Bornholm by Johan Bülow, sold nearly DKK 320 million worth of products last year. However, several challenges have impacted the results, and overall, the year ended with a loss of DKK 29.5 million.

Speaking to Børsen, Fredrik Nilsson, CEO of Lakrids by Bülow, described the situation as follows:

“The situation for consumer products in the Nordic region and Germany has been challenging. Several of our retailers, particularly in Norway and Denmark, have gone bankrupt, and we have been affected by currency fluctuations in Sweden and Norway, which means that consumers have not had the same purchasing power as before. On the other hand, we can see that our concept works, so although we had hoped for more growth, we believe the outlook is positive.”

Additionally, the company has been working on optimizing production and improving conditions for employees. Moving forward, this will allow for more year-round production instead of peak loads just before high seasons like Christmas and Easter. This has reduced costs for storage capacity as well as for personnel who previously had to work night shifts.

Moreover, the company’s value has increased, triggering an ownership agreement with founder Johan Bülow, who is now the Creative Director and owns 25% of the company. The remaining 75% is owned by the Swedish private equity firm Valedo Partners, which acquired its stake in the company in 2016.

Johan Bülow

Johan Bülow

Germany is the largest market

Fredrik Nilsson has previously revealed that the company plans to open more stores, focusing particularly on the UK and Germany, where they already have several stores. The goal is to maintain double-digit growth in the German market for many years. Germany is already their largest market, which bodes well for the future.

“We have a long list of opportunities, and it is more the rule than the exception that I am there. It is a combination of heart and mind. We need a location where there are enough people, but the branding value we see must also be good enough for us. The rent must also be reasonable, and that is often the challenging part,” said the CEO.

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