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The pandemic phenomenon leading consumers to increase their purchases of household goods enabled the Danish group Bang & Olufsen to record a profit for the first time in almost two years in its second quarter, according to a recent press release.
Since mid-December, the Danish manufacturer of luxury audio and visual products has seen its share value increase by almost 60 percent. The company has been the target of increased demand for luxury household equipment.
“People are buying more products for the home”, said CEO Kristian Tear.
The company also reported a quarterly profit of DKK 12 million ($1.96 million) between September and November, compared to a loss of DKK 60 million a year earlier. This is the first profit recorded by the company since February 2019.
In addition, the value of the company’s shares increased by 7.4% after the publication of its results. The company also reported that sales increased by 10.5 percent in the last quarter.
“We have found ways to reach our consumers”, said the CEO.
Until now, the future of the brand was more than uncertain, if not non-existent. Since the 2008 recession, which considerably weakened the brand, 5 CEOs have succeeded one another, but to no avail. Over the last twelve fiscal years, eight have been in deficit, including a loss of 107.8 million euros in 2015. 107.8 million in 2015. The company was on the verge of bankruptcy when it was saved by the sale of its Automotive division in 2015.
At the start of the pandemic, the brand had come to doubt its future existence, with a 29% drop in sales to 271 million euros, posting a loss of 77.3 million euros for its fiscal year ending at the end of May. At that time, B&O had also forecast two possible scenarios for the 2020-21 fiscal year: one in which the pandemic developed negatively with a 20% drop in sales to 215 million euros, and one in which sales increased to 322 million euros.
322 million. It is therefore thanks to the pandemic and its health restrictions that B&O was able to make a break with its past and to make a breakthrough. Let’s hope that the general economic recovery will not cause the opposite effect and a return to “normal” for the company.
The brand also implemented a new strategy last April to strengthen its online presence and reduce its costs. It recently reported cost reductions of 63 million for the first half of its current fiscal year.
Read also > WORLD LUXURY TRACKING : SURVEY ON LUXURY CONSUMPTION TRENDS AFFECTED BY THE GLOBAL PANDEMIC
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Far from limiting itself to high-end sedans, the Rolls Royce brand has recently extended its product range to luxury accessories by offering a stool worth 7000 euros.
While it entered the world of off-road cars with its Cullinan model, seducing a clientele fond of nature and wide open spaces, the luxury car manufacturer Rolls Royce now offers luxury stools, useful in all circumstances. The company specified that the object can be used, in particular, to paint in the open air, attend a show or even pilot a drone.
These unusual activities are just like the stool itself. Far from being a vulgar formica chair, this pursuit seat is composed of a polished aluminum base, adjustable in height and topped by a leather seat with two handles, cut on both sides of the object in the same material. The stool has indeed been designed with carbon fiber, reducing the weight of the object and facilitating its transport in a case custom-made for this foldable seat.
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Far from limiting itself to high-end sedans, the Rolls Royce brand has recently extended its product range to luxury accessories by offering a stool worth 7000 euros.
While it entered the world of off-road cars with its Cullinan model, seducing a clientele fond of nature and wide open spaces, the luxury car manufacturer Rolls Royce now offers luxury stools, useful in all circumstances. The company specified that the object can be used, in particular, to paint in the open air, attend a show or even pilot a drone.
These unusual activities are just like the stool itself. Far from being a vulgar formica chair, this pursuit seat is composed of a polished aluminum base, adjustable in height and topped by a leather seat with two handles, cut on both sides of the object in the same material. The stool has indeed been designed with carbon fiber, reducing the weight of the object and facilitating its transport in a case custom-made for this foldable seat.
[…][/vc_column_text][vc_cta h2=”This article is for subscribers only.” h2_font_container=”font_size:16″ h2_use_theme_fonts=”yes” h4=”Subscribe now!” h4_font_container=”font_size:32|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE!” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Ftest2023.luxus-plus.com%2Fen%2Fabonnements-et-newsletter-2-2%2F|||”]Unlimited access to all the articles and live a new reading experience, preview contents, exclusive newsletters…
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