ANNUAL REPORT 2020
Carl Hansen & Søn continues global growth success: Closes in on DKK 1 billion annual revenue in a new record.
With record revenue for the 12th year running, the Carl Hansen & Søn furniture company is continuing its global growth journey. With a growth of almost 37%, the company achieved record sales of DKK 966 million and a profit of DKK 176 million before tax. 2021 thereby marks a historically good year, where increasing demand for Danish design classics resulted in Carl Hansen & Søn making advances in all markets.
The financial statements for 2021 again show that Carl Hansen & Søn, the Funen-based family-owned furniture manufacturer, is in top form. Global demand for Danish furniture classics has been steadily increasing in recent years, as can be seen in the company's 12th consecutive record annual results.
It is with pride that the 114-year-old family business presents its financial statements for 2021 today - reporting a historically high top and bottom line. Revenue reached DKK 966 million in 2021 - an increase of almost 37% in a single year. Annual profit rose by 89% to DKK 176 million before tax, compared to DKK 93 million in 2020. In its financial results for 2021, Carl Hansen & Søn achieved an operating profit margin of 18%.
"I am incredibly proud to once again present record financial results for Carl Hansen & Søn, which had historically good growth in 2021. The company was founded by my grandfather with the mission of making Danish design of the highest caliber widely available. I am thrilled that 114 years after he started the furniture success story in a backyard in Odense, we are seeing rising demand from all over the world," says Knud Erik Hansen, CEO and third generation at the helm of Carl Hansen & Søn.
"This year marks the 20th anniversary since I started as CEO of Carl Hansen & Søn. During these 20 years, revenue has increased by more than DKK 900 million, we have gone from just 50 employees to approx. 600 employees in Denmark and a similar number in Vietnam, and our production facilities on Funen have grown from 3,000 m2 to 50,000 m2. I am extremely proud of the journey that my employees and I have undertaken," says Knud Erik Hansen.
Global growth success continues
Carl Hansen & Søn's furniture is now sold all over the world, and 2021 marks a year in which all markets have advanced. The Danish domestic market saw a dramatic growth of over 40%, the US and Canada advanced by 45%, and the European market grew by 36%. Japan has proved to be an important market for Carl Hansen & Søn again this year. In 2021, it accounted for more than 10% of revenue.
"Our results for 2021 once again demonstrate that Carl Hansen & Søn produces world-class furniture. We have grown from being a small furniture manufacturer on Funen into a major Danish export success story, that has only grown bigger over the last decade. We are seeing strong demand in our home market, but also in other key markets. However, we still see great potential in distributing our Danish design classics even more widely, and in the coming years we will increase our focus on USA and Asia," says Knud Erik Hansen.
Several new stores worldwide
In 2021, Carl Hansen & Søn opened three new Flagship Stores in Odense, Amsterdam, and Barcelona.
"Our Flagship Stores are an important part of our business. These not only account for a decent share of our global revenue but are also of great importance to our brand and customers. We are seeing huge interest in our stores, and customers appreciate being able to experience the furniture pieces and their history in a cohesive setting," says Knud Erik Hansen.
There are currently 19 Flagship Stores worldwide, and Carl Hansen & Søn will continue to open more stores in the coming years. The company has already opened new stores in New York and Munich in the first few months of 2022.
"Our Flagship Stores are not only good business for Carl Hansen & Søn. We find that they also have a positive effect on all the retailers who sell our products. We are therefore continuing with our clear goal of opening more stores in cities all over the world," says Knud Erik Hansen.
New and iconic designs attract attention
Hans J. Wegner's iconic CH24 chair - better known as the Wishbone Chair - was once again the bestseller of the year. The famous architect's hand-woven lounge chair, CH25, and the CH78 armchair, better known as Mama Bear, were also among the most sought-after designs for the year. But recent design collaborations with Danish designer Rikke Frost and Austrian design duo EOOS, among others, also received a lot of attention in 2021.
All Carl Hansen & Søn's furniture pieces - regardless of age - feature timeless design and sustainable production. These are qualities that Carl Hansen & Søn is seeing in greater demand from all over the world.
"The use-and-discard culture is strongly declining, and we are seeing demand for quality furniture that can be passed down through generations. Customers all over the world are increasingly demanding sustainable design, where quality craftsmanship and materials ensure long service life. With our Danish design classics and exciting collaborations with established designers and new talents, I am proud that Carl Hansen & Søn can contribute to the more sustainable consumption patterns we see increasing in homes around the world," says Knud Erik Hansen.