J.Lindeberg to continue expansion following best annual results
Aug 22, 2022
Image: J. Lindeberg
Swedish fashion company J.Lindeberg is targeting further expansion after reporting the strongest results in the company’s history.
In the 2021 financial year, the fashion brand's sales increased by 37 percent to 827 million Swedish kronor (approximately 80 million euros) from 604 million Swedish kroner (almost 57 million euros) in the previous year, with an operating profit margin of 11 percent, and this growth is expected to continue in 2022.
This represents a doubling of sales for the last two years, which it adds is fueling its expansion across all markets, as well as its plans to strengthen its team and leadership, including new chief financial officer Guillaume Wacker.
J. Lindeberg, chief executive Hans-Christian Meyer, said: “In a world where sport continues to grow, we are positioned well with our mission of bridging fashion and sport. But this year’s result could never have happened without our team, which has worked together, across the entire organisation, to achieve the best annual result ever. More than anything, this is a testament to our strong company culture.”
The fashion company has reported several expansion plans this year, including the opening of a new flagship store in The Dubai Mall in April, alongside a new agreement with Shinsegae in South Korea to open a flagship store on ‘Luxury Street’ in November 2022.
J. Lindeberg also signed a new partnership with Bora to expand in the Caribbean and South and Latin America markets, while a new distribution partner in the Netherlands will ensure the brand’s continued strength in the Benelux region.
The company is also intensifying its expansion plans in the US with the appointment of a new fashion sales director in the brand's US office in June and building a new showroom in New York City. While the wholesale business was expanded with new contracts with Matches Fashion, Browns, Flannels, Breuninger and Wakakuu.
In addition, the brand has also introduced a new shop-in-shop concept, which was launched in the Nordic countries in the first quarter of 2022. In line with this new look, J.Lindeberg's global showrooms will also be renovated to embody this concept.