Fashion retailer Na-kd's sales exceed 2 billion Swedish kronor, up more than 56%

According to foreign media reports, Swedish fashion retailer Na-kd recently reported its sales data for 2020. The data showed that in 2020, its net sales exceeded 2 billion kronor, an increase of more than 700 million kronor compared with the previous year, an increase of 56%.

Nakd’s online sales have grown more than 1,000% since it went live in 2016. The company will report an EBITDA loss of 29 million kronor in 2020, an improvement from a loss of 122 million kronor last year.

Excluding some of the impact caused by the epidemic in 2020, Nakd's revenue for the whole year is basically very positive. It is reported that last year Nakd acquired more than 1.2 million new customers from more than 100 markets, and its online business developed rapidly.

"2020 is behind us and we can see another year of great progress, both in terms of turnover and performance, but most importantly, we have learned a lot and laid the foundations for the coming years," said Jarno Vanhatapio, CEO and founder of Nakd, in a press release.

He added: “We are very pleased to have such a strong holiday year given the impact of COVID-19 and the significant investments we continue to make in our e-commerce business.”

While experiencing rapid growth in 2020, Na kd has also been plagued by scandals and complaints. In December 2020, the company was criticized on social media and in the media, mainly because of flaws in its internship program, but also in working conditions and inclusiveness.

Subsequently, Nakd conducted an independent investigation through global audit and consulting firm EY and suspended new assumptions for the internship program. Jarno Vanhatapio commented: "We are now improving."

EY conducted a comprehensive employee survey, to which nearly 90% of employees responded, and conducted 100 in-depth interviews with them.

The audit firm noted that Nacodo has a diverse employee base from more than 30 countries and that the challenges faced by the company were essentially a result of its rapid growth and "low ageing". As a result, processes, policies and structures were not fully developed or implemented.

Na kd has come up with a new brand promise and measures in response to criticism of the fashion house. Na-kd has developed an action plan with broad and specific initiatives. In spring 2021, the fashion house will communicate a "renewed and strengthened" brand promise.

Sales

Sweden

Fashion