Swedish fashion company J.Lindeberg is on course for expansion after reporting the strongest result in its history.
In the 2021 financial year, the fashion brand’s sales rose by 37 percent to 827 million Swedish kronor (approx. 80 million euros) from 604 million Swedish kroner (almost 57 million euros) in the previous year and an operating profit margin of 11 percent.
“In a world where sport continues to grow, we are well positioned with our mission to bridge the gap between fashion and sport. But this year’s result would not have been possible without our team, who worked together across the organization to deliver the best annual result ever. More than anything, this is a testament to our strong corporate culture,” commented J. Lindeberg CEO Hans-Christian Meyer in a statement.
The fashion company expects this growth to continue in 2022 with sales of 1.2 billion Swedish kronor (almost 113 million euros), while maintaining the same profit margin while investing in growth.
This represents a doubling of sales in two years, fueling J.Lindeberg’s expansion plans across all markets as well as plans to strengthen the team and leadership, including new Chief Financial Officer Guillaume Wacker.
In April this year, J.Lindeberg opened a new flagship store in The Dubai Mall and signed a new agreement with Shinsegae in South Korea to open a flagship store there in November 2022 on “Luxury Street”, alongside Moncler and Prada.
The company also entered into a new partnership with Bora to serve the Caribbean and South and Latin America markets, while a new distribution partner in the Netherlands will do so for the Benelux region.
Expansion plans also include increasing its US presence by hiring a new Fashion Sales Director in the brand’s US office in June and building a new showroom in New York City. In addition, the wholesale business was expanded with new contracts with Matches Fashion, Browns, Flannels, Breuninger and Wakakuu.
Finally, the brand introduced a new shop-in-shop concept, which was launched in the Nordic countries in the first quarter of 2022. In line with the new look, J.Lindeberg’s global showrooms will also be renovated and a new showroom embodying this concept will open in New York in September.