Bestseller improves profitability amid tough trading year

In 2023-24, Danish fashion firm Bestseller said that the company’s overall results were impacted by challenging conditions in the global fashion market. Despite this, the company managed to secure an improved EBIT and will continue to invest in transforming its business to adapt to new demands.

During the year under review, top-line revenue fell by 4 percent to 35.6 billion Danish krone driven by decreasing online sales at both partners and Bestseller’s own online channels. Sales from retail stores, however, continued to grow in line with recent years. The company’s profitability increased by 8 percent to 5.3 billion Danish krone.

“We are satisfied that we were able to deliver a strong profit but humbly acknowledge that top-line growth will be required going forward. This gives the opportunity to invest in building an even stronger foundation, which we are continuously determined to do,” said Anders Holch Povlsen, CEO and owner, Bestseller.

In 2023-24, sales across retail channels increased by 5 percent, and the company opened more than 330 new stores, bringing the total number of stores to over 2,800.

“The long-term success of our business hinges upon achieving our financial, societal, and environmental goals. To succeed in decoupling commercial growth from our impact on the environment, we must and will increase our sustainability investments in the coming years,” added Anders Holch Povlsen.

Bestseller has a portfolio of more than 20 brands including Only, Jack & Jones and Vero Moda selling clothes and accessories for women, men, teenagers and children. Products are sold in 70 countries across Europe, Asia, North America, South America, Oceania and the Middle East.