Danish furniture brand BoConcept has reported record order levels as it continues to maintain momentum.
According to 3i, the London-listed private equity group, which acquired the brand back in 2016 for £166m, the firm said that BoConcept has performed strongly in the last year with “record order levels”.
In its half year update, which has seen its Private Equity portfolio continue to perform strongly, with a gross investment return of £2,373 million in the period, or 27% (September 2020: £1,245 million, 19%), the group shared a comment on its BoConcept division.
“BoConcept continues to trade strongly on the back of operational improvements implemented since our initial investment. The business has benefitted from increased spending on the home in some countries and, despite continued retail closures in other geographies, sales in the first five months of its fiscal year to April 2022 increased by more than 20% on the prior year.”
This follows BoConcept’s earlier announcement in September where the business reported its second-highest revenue year ever for FY22/23 (1,439 million DKK), despite a slight decline of 3.5% on the previous year.
The record-breaking FY21/22 saw a total revenue of 1,490 million DKK and benefitted from a Covid-related boost in sales.
“Margins recovered in FY22/23 to pre-pandemic levels, after extreme margin pressures were seen across previous years, through a combination of selective price increases, COGS reductions from suppliers and supply chain efficiencies,” BoConcept said.
“The FY22/23 revenue figure indicates a 19% increase on FY20/21, 22 per cent on FY19/20 and 10% on the pre-pandemic FY18/19. The business increased its store network by a total of 14 stores globally bringing BoConcept’s global retail footprint to more than 340 stores across 67 markets and six continents.”
More recently BoConcept has announced a new collaboration with global architects BIG – Bjarke Ingels Group – to launch its exclusive “Nawabari” collection.
The collection’s design, led by Partner and Head of BIG Products Jakob Lange, was inspired by the Japanese art form of binding with ropes to forge close bonds. ‘Nawa’ means rope in Japanese, and the term “Nawabari” traditionally translates as stretching rope.
Nawabari comprises two sofa sizes, an armchair, two coffee tables and two footstool sizes. The collection can be used individually as standout pieces or grouped together to create a standalone area. The collection can also be customised to meet the specific needs of each individual project. Nawabari can be upholstered across BoConcept’s fabric offering to beautifully enhance the sensorial design.
“BoConcept is known for creating elegant designs that are timeless and look good in any interior space. This collaboration brings a new spirit of informality and fun, characteristic of BIG’s disruptive approach. We are proud to partner with Bjarke and his team for this collection,” said Paula McGuinness, Chief Marketing Officer at BoConcept.
“BoConcept is an international player that has presence in markets all over the world and has built a team of extremely talented craftsmen and salesmen. Together with our creative forces at BIG, this creates a unique sort of melting pot,” added Jakob Lange, Partner, BIG – Bjarke Ingels Group.
