Bestseller avoids loss, repays state aid, starts hiring
Sep 9, 2020
Vero Moda and Jack & Jones owner Bestseller has said that it made “an unexpected profit” in the latest year, despite the pandemic. The better-than-expected outcome means it will avoid its first-ever annual loss.
It also means it has been able to pay back the DKK81 million (€10.9 million) support package it received from the Danish government earlier this year.
The company also owns the Only and Selected brands, as well as a raft of other fashion labels.
“The books are closed and we are now awaiting our final closing of the accounts,” founder and company chief Anders Holch Povlsen said. “We can already see that we have managed to avoid the first deficit in the history of our company, which we had previously expected. Our financial results will not look pretty, however, we will make a profit”.
He added that the result wouldn’t have been possible “without all our partners, our landlords and our suppliers – and, in particular, our colleagues”.
But he also said the pandemic “is still creating an unstable situation, both in Denmark and internationally, and we must continue to actively adapt to this. Back in March, we reacted swiftly and tried to diligently plan for the worst, while fighting for the best”.
Another upside of the fact that the firm remains profitable is that it’s also “gradually looking into recruitment – both in terms of rehiring colleagues and identifying new candidates”.
The company employs around 17,000 people globally with 3,300 of them being in its domestic Danish market. At the height of the pandemic, it laid off 750 people. The firm’s final accounts will close in October.
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