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Thursday, July 18, 2024

‘Moods of Norway’ makes money

The young men behind the rapidly expanding Norwegian clothing chain “Moods of Norway” reportedly have pocketed an estimated NOK 50 million in dividends following what the founders themselves call “a fantastic year.”

Newspaper Dagens Næringsliv (DN) reported last week that founders Peder Børresen, age 34, and Simen Stålnacke, 36, are among those doing extremely well with their line of what they call “happy clothes for happy people.” The founders and the executive they brought in last year to help manage their retail expansion, Nils Are Karstad Lysø, are from the mountain town of Stryn but hatched their clothing line after studies and travel abroad.

DN reported that Moods of Norway logged a 39.8 percent increase in operating revenues, to NOK 291 million (USD 53 million), and a 25.6 percent jump in operating profits, to NOK 95.2 million.

Lysø, who formerly worked for Norwegian industialist Kjell Inge Røkke, linked the results to expansion of retail outlets and products, including the introduction of watches, sports equipment and perfume. Moods’ tractor logo has been highly popular and customers lined up when Moods opened a new store in Los Angeles. Another “flagship store” is due to open in New York, while Moods clothing is also sold at around 60 other stores in the US .

Norwegian outlets still account for the vast majority of Moods’ revenues. Moods is active at international fashion shows and attracted thousands to showings during Oslo Fashion Week and last year’s Nordic world skiing championships in Oslo.

Views and News staff



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