German market boosts Danish luxury licorice

Denmark’s luxury company Lakrids by Bülow has once again broken its own record in sales revenue, reaching 319 million Danish kroner last year, with Germany surpassing Denmark as its largest market. The absence of sugar tax and lower VAT in Germany and the UK contribute to cost reductions, states CEO Frederik Nilsson. The company, selling in over 25 countries through about 2,000 dealers, added seven more stores internationally last year, with the same number expected to open this year. Despite the record loss of 29.5 million kroner last year, the company explains it related to an increased valuation and a consequential ownership agreement affecting its bottom line. The brand dropped ‘Johan’ from its name in 2017 as part of its international expansion strategy. Founded in 2007 by Johan Bülow, who is now the creative director, the company sold a 75% stake to Swedish capital fund Valedo Partners in 2016.