Rains sets record in the USA: Revenue surpasses Half a Billion
You can read the Danish version here.
Rains has finally released their financial statement for 2023, and as the saying goes, “Good things come to those who wait.” The results are impressive, with a profit of nearly 58 million DKK, marking an increase of almost 20% compared to 2022.
The increased bottom line can be attributed to higher revenue, which rose by about 65 million DKK. In 2023, revenue reached 627.7 million DKK, compared to just over 563.2 million DKK the previous year.
In the management report, they state:
“With specialized factories, internal sales companies, regional distribution centers, and strong retail and e-commerce performances, Rains maintains a high level of control and efficiency. Combined with a strong network of selected wholesale partners, Rains has steadily increased its value offerings and achieved a unique position in the market.”
During 2023, Rains replaced their then-CEO, Jan Stig Andersen, who is now the CEO of the company’s North American division. The goal is to “increase sales in North America to 500 million DKK over the next five years.” This strategy has proven effective, as the North American division grew by 41% and now accounts for 18% of Rains’ global sales. This aligns with the company’s “2027 strategy to create a global lifestyle brand.”
The majority of Rains’ revenue still comes from the EU and other countries. In 2023, revenue in these regions reached just over 578.8 million DKK, compared to nearly 519.7 million DKK in 2022. Danish revenue increased to just over 48.9 million DKK in 2023, up from nearly 43.6 million DKK in 2022.
2023 also marked the opening of new stores in London, Berlin, and Hong Kong. For 2024, Rains plans further expansion with new store openings in New York and Milan, as well as brand launches in both Japan and South Korea.
Rains’ overall plan is to achieve revenue exceeding 1 billion DKK by 2026, and with the current results, they seem well on their way.
Daniel Brix Hesselager, 
Steen Borgholm & 
Philip Lotko
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