Les Deux, the Copenhagen-based menswear brand, has released its 2024 results and they show the 13th consecutive year of growth.
Revenue jumped in double digits, despite the challenging market backdrop that saw many companies large and small across all price points struggling to deliver meaningful growth.
It didn’t provide a specific revenue figure beyond the double-digit information, nor a number of other comparisons figures for 2023. But it said EBITDA saw “another year of growth” to €8.265 million (DKK 61.67 million) and pre-tax profit rose to €7.879 million (DKK58.792 million). Gross profit was €13.887 million (DKK103.613 million).
Its target for this year is further double-digit revenue expansion and EBITDA of €9.5 million-€10.5 million (DKK70 million-DKK80million). It said it has identified major growth opportunities in DACH, France, Benelux, the UK, and North America.
The company added that the 2024 figures “highlight Les Deux’s position as a growing force on the global scene”, with strong international expansion last year that included 25 new permanent shop-in-shops in premium department stores like De Bijenkorf in the Netherlands, Galeries Lafayette in France, and Nordstrom in the US.
Founded in 2011 by Andreas von der Heide, Kristoffer Haapanen, and a friend, Les Deux combines “minimalist Scandinavian design with fresh international influences” and offers a mix of preppy and streetwear pieces.
As well as the strong results, last year was a record done as far as investment in the brand is concerned. It put in place a new ERP system “to future-proof the brand’s operations, along with advanced analytics tools enhance decision making”.
And staff numbers rose by a double-digit percentage, while it also opened two new international offices to expand its reach across Europe, with new spaces in Düsseldorf and Paris, plus an expansion of showrooms in the Copenhagen HQ.
The year also saw it taking direct control in key markets including France and the UK, transitioning from agents to in-house operations “to foster closer client relationships”.
Plus there was a “successful” collab release with Yale University and it set up US distribution, which has seen the market become its sixth-largest.
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