Denmark’s Lakrids by Bülow gains annual sales boost despite retail headwinds
pic: Lakrids
Innovative Danish liquorice brand, Lakrids by Bülow has reported a strong performance for 2024, with results for the year delivering 18% growth, attaining its highest ever revenues of over €50 million, despite a backdrop of ongoing retail sector challenges, writes Neill Barston.
As Confectionery Production has previously noted, the brand has continued on its mission of seeking to introduce its varied flavours and engage with consumers and introduce them to its broad range of traditionally crafted products that have attracted a cult appeal.
Significantly, Brits have particularly embraced the brand, with the company seeing major 90% growth with strong momentum across physical and digital channels in the UK. This is said to have been driven by several key factors including new store openings, increased retail partnerships across iconic British stores such as John Lewis and Harvey Nichols, and exceptional digital performance.
Fredrik Nilsson, CEO, welcomed the latest results. He said: “The UK is becoming a vital part of our international growth story.”Our focus on expanding our presence here has paid off, and we are thrilled to see the strong response from British consumers.
“We enter 2025 with a clear strategy to strengthen our position in key markets while adapting to any challenges that may arise,” noting that tests such as significant rises in cocoa prices still remain, but the business expressed confidence that this year would continue its progress.
While UK growth stood out, global expansion continued, with export sales up 32%. The US saw 119% growth, Germany remained the largest market with 30% growth, and the company now operates 40 stores worldwide.
Elsewhere across the business, online online channels rising 15% and retail sales up 27%, demonstrating the success of its strategy to integrate physical locations to enhance their digital presence.
Lakrids opened its first permanent stores in the UK in 2023, and continued its retail expansion in 2024 with a third store opening in Westfield London (image above).
With 40 stores and seven new openings globally across 2024, the strategy has not only boosted retail sales, but also supported the digital universe and efforts to increase the number of retailers.
In addition, the company has also developed a taste panel, forming a community that involves the company’s customers in the development of new flavours, and consists of loyal brand fans spread across the company’s geographies. Last year, the panel grew from 150,000 to more than 220,000 members across 6 countries, and in the UK alone, there are almost 20,000 members of the taste panel.
