Magasin du Nord shows solid growth in 2024, doubling profits
What: Magasin du Nord reports 5% growth to DKK 3 billion turnover in 2024, doubling profits while strengthening its market position through beauty brand investments and retail format innovation.
Why it is important: This performance demonstrates how department stores can achieve growth through strategic diversification, combining property asset management with innovative retail concepts and brand investments.
Magasin du Nord has achieved remarkable growth in 2024, with turnover reaching DKK 3 billion, representing a 5% increase, and profits doubling to DKK 75 million. The company's holding entity, Emil Holding, strengthened its position with a DKK 194 million increase in equity, bringing total equity to over DKK 1.8 billion. This success is underpinned by significant property portfolio appreciation of DKK 114 million. The company's strategic investments include stakes in Danish beauty brands Relevant and Blid Care, expanding its venture portfolio. Magasin du Nord continues to innovate through its 'Small Local Stores' concept, bringing the brand closer to customers. CEO Peter Fabricius emphasises the company's focus on personalisation and customer data, aiming to enhance shopping experiences across both digital and physical channels. The strategy includes strengthening digital platforms while investing in physical stores that deliver the service and inspiration customers demand.
IADS Notes: Magasin's strong performance in 2024 builds on successful strategic initiatives throughout the year. Their innovative 'Small Store' concept has proven effective, as shown by the successful launch of their 700-square-meter store in Rosengårdcentret. The company's market strength was demonstrated during the holiday season, attracting 2.4 million visitors with one in four Danish households making purchases. This success follows a pattern of strategic growth through property portfolio management and brand acquisitions, showcasing Magasin's effective approach to retail transformation.
