25 May 2024, 17:54
By Furniture News Sept 14, 2021

Record results and succession planning at JYSK

Despite closed stores and restrictions, globally JYSK has achieved a record-breaking €4.386b in turnover across its 2020/21 financial year (ended 31st August 2021). 

It achieved a turnover of €69.2m in the UK and Ireland, demonstrating +67% sales growth YoY.

“I am very pleased that we have been able to increase turnover by +7% despite the fact that our stores have been temporarily closed in almost all markets," says JYSK's president and CEO, Jan Bøgh. "I see this both as a result of customers in Europe spending more on home furnishing in general, and as a result of my colleagues around the countries being quick to adapt to a new situation and focus more on online sales and Click & Collect."

Online sales increased by +43% (accounting for 28.6% of the UK’s total sales), in addition to JYSK’s Click & Collect results. “Because customers pay in the store, it does not count as online sales in JYSK in terms of accounting, but it is obvious that the interaction between our webshops and physical stores has been absolutely crucial for us to be able to raise our turnover in the past financial year,” says Jan.

JYSK's customer base grew by 230,000 YoY, with significant growth in new territories including Ireland and Belgium.

At the end of the financial year, JYSK had 3085 stores – 136 more than the year before.

Jan has also taken up the new position of president and CEO of Lars Larsen Group Retail, to focus on retail companies across the group and opportunities for further acquisitions.

“Jan is already chairman of the board of ILVA, SOFACOMPANY and SengeSpecialisten, and is part of the board of Bolia. By releasing him from the day-to-day management responsibilities at JYSK, he gets much more time to work with development and acquisitions,” says Lars Larsen Group's borard chairman,  Jacob Brunsborg.

Rami Jensen will take over the position of group president and CEO on 1st September 2023.

"It is all about making important decisions in due time. Jan had promised both my father and I that he would be in charge of the entire process of merging JYSK Nordic and Dänisches Bettenlager into one unit. With this timeline, Jan can complete that task, at the same time as he gets a year to work alongside Rami Jensen preparing him to take on the role. This ensures the necessary continuity, which means that we can keep up the pace while making the changes,” says Jacob.

Jan concludes: “Lars Larsen often referred to JYSK as his child. I probably see myself as the ‘nanny’. I have spent an incredible amount of time with JYSK, and it is important to me that we can make the change without slowing down. That is why I am also happy that Rami has accepted the position, because he knows JYSK thoroughly and can be at the forefront of the continued development of JYSK without compromising on the values on which the company is built."

© 2013 - 2024 Gearing Media Group Ltd. All Rights Reserved.