Fenix Outdoor International AG
Sector unknown·FOI-B · Nasdaq Stockholm·Fiscal year to 31/12/2024
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Retail
End markets
DriverNegative impact: weakens
“We entered Q1 with a lower order book compared to the year before. is was mainly due to the inventory situation in the spring of 2023, which caused high insecurity among our retailers. e lower sales were also an eect from the divestment of Primus in 2023. e second quarter was more challenging than assumed. e retail market still faced a situation with higher-than-normal in - ventory, as well as a volatile trading because of the weather. ere were also indications that several retailers were facing some liquidity/nancial problems, limiting their ability to serve the market. e period was aected by a price pressure in the market.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Despite continuing and signicant market turbulence, Hanwag’s 2024 results were pos - itive, even if they fell short of the previous year’s. e sector faces costs that are rising unabatedly, a decline in consumer consump - tion and retailer reluctance to make purchases. ese factors aect Germany, Hanwag’s key market, and therefore had a big impact on earnings. Nevertheless, the company only narrowly missed its target for 2024.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Consumers kept their wallets tight, and big overstocks in the markets led to a lot of price pressure. e weather continues to be unpredictable.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Owning and operating a retail network increases control of the value chain through close con - tact with the end user, which enables a faster response to trends and changing consumer demands. e retail network also showcases the brands’ assortments. • Brand strategy, marketing and sponsor - ing. e group works actively to protect and develop its brands and retail operations, which are described in more detail on pag - es 12–25.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“We also undertook organizational and cost-cutting ac - Frilufts retail continues to reinforce the premium market position in each market and we have won several sustainability awards Frilufts have taken many short term actions to manage the challenging retail landscape in 2024. But there has also been a lot of focus on continuing to work according to our long term vision; to globally define premium outdoor retail and be the first choice for customers and partners.”
Annual report 2024A · The company itself
Market
“Frilus Retail Europe AB – the Frilus segment – runs its business through six subsidiaries/brands: Naturkom - paniet (Sweden and Norway), Partioaitta (Finland), Globetrotter (Germany), Frilu - sland (Denmark) and Trekitt (UK). e Frilus segment has a total of 106 stores in addition to its e-commerce operation run by each local brand.”
Annual report 2024A · The company itself
Market
“Naturkompaniet sells equipment for outdoor and travel activities from the world’s leading brands.”
Annual report 2024A · The company itself
Chains in: Consumer spending strengthens
Europe
Geography
StrategyPositive impact: strengthens
“In June Fenix Outdoor entered a partnership with the German outdoor brand Maloja to operate apparel production at their existing production facility, Viomo - da, in Plovdiv, Bulgaria. is is the rst step toward establishing apparel production in Europe at Fenix Outdoor, following our earlier announce change in production strategy.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“e rm’s own production facility, Progressz in Hungary, again made a valuable contribu - tion.”
Annual report 2024A · The company itself
Geography
“e Brands segment operates distribution companies concentrated on sales of a sin - gle brand and operates business-to-consumer sales through brand retail stores in Europe and North America. e Brands segment also operates online sales in all major markets. e Global Sales segment consists of Fenix Out - door multibrand distribution companies represented globally, mainly buying its products from the Brands segment. e Asian distri - bution companies also run retail operations, primarily brand retail.”
Annual report 2024A · The company itself
Geography
“External sales per market, MEUR Jan-Dec 2024 Jan-Dec 2023 Jan-Dec 2024 Jan-Dec 2023 Jan-Dec 2024 Jan-Dec 2023 Switzerland 1.2 0.7 - - 7.9 10.7 Sweden 9.3 11.4 73.2 73.9 - - Other Nordic countries 1.8 2.4 62.6 60.5 31.5 33.2 Germany 52.4 64.1 189.9 197.1 - - Benelux 18.4 17.0 0.3 0.3 10.7 10.8 Other Europe 16.4 20.0 21.5 20.3 39.2 42.2 Americas 67.3 80.3 - - 44.7 54.8 Other World 6.4 2.4 - - 30.6 36.8 Total 173.2 198.3 347.5 352.1 164.6 188.5 Our Global Sales division is our owned and operated network of wholesale distributors spanning Europe, the Americas, and Asia. Owning and operating our global wholesale distribution network provides numerous advantages. Operating our own local wholesale companies aords us the advantage of deep and direct insights into key markets.”
Annual report 2024A · The company itself
Hospitality and leisure
End markets
Market
“The business concept of Fenix Outdoor is to develop and market high-quality, durable outdoor products through a selected retail network with a high level of service and professionalism, to end users with high expectations.”
Annual report 2024A · The company itself
Market
“Motivated by his ambition to make outdoor recreation easier, more comfortable and more inclusive, he developed a business that continues to grow today. Fjällräven’s suc - cessful history rests on a series of highly innovative products that are bestsellers to this day, including the Expedition Down Jacket, the Greenland Jacket, the Kånken backpack and the Bergtagen range of mountain apparel and equipment.”
Annual report 2024A · The company itself
Market
“Important new initiatives and launches will bring Fjällräven top-of-mind for nature en - thusiasts and those new to nature at multiple times during the year. e launch of our new product family Hoja – cycling equip - ment for the long ride – introduces a new area of expertise and energy for the brand, oer - ing high-quality, multifunctional products custom-made for bikepacking and gravel rid - ing with a contemporary “saddle-to-table” approach.”
Annual report 2024A · The company itself
Market
“Tierra specializes in technical outdoor apparel for challenging mountain environments.”
Annual report 2024A · The company itself
Chains in: Consumer spending strengthens
Circular economy and recycling
Regulation
StrategyPositive impact: strengthens
“Mar - keting has focused on creating more global awareness around the importance of product durability and long-term use for a reduced environmental footprint, through Fjällräven’s proactive values and long-lasting products.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Focus on Care & Repair. Pop-up repair stores in selected stores to promote introduction of repair service in corporation with an external partner.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Sale of second-hand goods Fenix Outdoor have provided services for repair of shoes etc for a long time. Rental services and secondhand oering have started on a small - er scale recent years.”
Annual report 2024A · The company itself
Chains in: EU climate and energy policy strengthens
Consumer preference shifts
End markets
DriverPositive impact: strengthens
“Our decades-long outdoor expertise and a steadfast commitment to innovation continue to meet the growing demand for sustainably produced, high-quality equipment that stands the test of time.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Portions of the winter collection, mainly available in the markets with a colder climate, are negatively aected by warm and late winters. • Trend risks. The group does not consider itself to be a group of fashion products, but the business is aected by long-term trends such as the outdoor life trend.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“We also strengthened our product oering with an emphasis on serving our fans through performance apparel that emphasizes com - fort, versatility and sustainability. Our2024 collection was focused and energized and drove excitement with retailers and consum - ers.”
Annual report 2024A · The company itself
Chains out: this mixed effect Beer and beverages
Media and entertainment
End markets
StrategyPositive impact: strengthens
“We are also contemplating increasing our marketing spend for the next 18 months given the positive ex - perience we had last fall with the two larger campaigns we did in Germany and in the US (New York).”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“A substantial and successful eort was made to create more awareness and grow revenue in Germany, with good learnings and great re - sults. is year our popular and inclusive event Fjällräven Classic introduced multiday trek - king and good trail ethics to more than 4,000 people in seven dierent countries as part of our ongoing mission to inspire, educate and make people ambassadors of nature.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“From a marketing perspective, Hanwag concentrated on women as a target group in 2024. is focus involved the successful roll - out of an extensive marketing campaign with Katharina Krepold, brand ambassador and one of the Hanwag Sole People.”
Annual report 2024A · The company itself
Chemicals and specialty chemicals
Raw materials and inputs
InputNegative impact: weakens
“A close partner with Gore since 1983, Tierra continues to integrate this 100 percent uorocarbon-free membrane into garments made from 100 percent recycled polyester.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“We are also working with Gore-Tex again, who have now developed waterproof technol - ogy and DWR that is made without PFAS – a group of harmful chemicals that we banned back in 2009 – and can oer customers Fjäll - räven shells that are even more Fjällräven: more functional, more durable, still timeless and repairable, and Guaranteed to keep you dry®.”
Annual report 2024A · The company itself
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“In March 2024 Fenix Outdoor acquired 30% of its local Fjäll - räven Brand retail partner, Arctic Fox s.r.o. Artic Fox runs six Fjällräven Stores and online business in the Czech Republic and 0,1 -6,5 37,4 28,6 0,4 2,6 Slovakia.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“In March 2025 another important and strategic important in - vestment was made. Fenix Outdoor acquired 65% of the shares in Devold of Norway AS, a pioneer in wool clothing for out - door activities and protective workwear. Following completion of the transaction, Devold will become Fenix Outdoor’s num - ber one wool brand.”
Annual report 2024A · The company itself
Textiles and nonwovens
Raw materials and inputs
Market
“Åke Nordin’s invention of the framed backpack was the beginning of both Fjällräven and Fenix Outdoor. e group has since contin - ued developing products for an active outdoor life based on the customer’s needs. e range includes apparel, daypacks, back - packs, sleeping bags, tents, bags, outdoor shoes and boots. e products are high-quality, dura - ble and classically designed.”
Annual report 2024A · The company itself
Market
“With more than 40 years of experience developing outdoor apparel for demanding conditions, Tierra is committed to creating technical outdoor apparel with longevity by sourcing the best materials and solutions, en - suring a sustainable path forward for both the brand and the end user.”
Annual report 2024A · The company itself
ESG and sustainability reporting
Regulation
StrategyPositive impact: strengthens
“During the year we kept reinforcing our premium position in each market and we won several sustainability awards, such as inclu - sion on the Sustainable Brand Index in both Sweden and Finland.”
Annual report 2024A · The company itself
Packaging
Raw materials and inputs
Market
“Åke Nordin’s invention of the framed backpack was the beginning of both Fjällräven and Fenix Outdoor. e group has since contin - ued developing products for an active outdoor life based on the customer’s needs. e range includes apparel, daypacks, back - packs, sleeping bags, tents, bags, outdoor shoes and boots. e products are high-quality, dura - ble and classically designed.”
Annual report 2024A · The company itself
Chains out: this weakens Beer and beverages
Premium consumers
End markets
Market
“Last year, Hanwag took another step toward new markets and a younger, auent target group with a love of fashion and heritage. Fol - lowing the Rotpunkt LL, which was launched in 2023, the company is consistently adding more models to the Rotpunkt family. e Rot - punkt Low GTX has returned to the collection and marries climbing history and brand heritage with style.”
Annual report 2024A · The company itself
Chains in: Consumer spending strengthens
Subscription models
Technology
StrategyPositive impact: strengthens
“Following successful rental schemes run by other Frilufts retailers, Trekitt launched their own oer in November 2024. Recognising that 'cost' can often be a barrier to people enjoying the full range of what the out - doors has to oer, Trekitt's new ren tal service provides customers with a convenient and cost-eective way to try out outdoor gear.”
Annual report 2024A · The company itself
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“It was a challenging year, even more than we/I anticipated. e very strong market during Covid and eects from a low growth in many countries and other diculties arising from the po - litical and macroeconomic situation in the world aected our business. In earlier periods of low growth and recessions usu - ally the outdoor industry and Fenix Outdoor especially has gained from people buying more goods doing local outdoor ac - tivities and travelling less, but in 2024 the situation was dierent. People travelled more than ever and were also, to some extent, already equipped with goods and equipment purchased during the covid.”
Annual report 2024A · The company itself
DriverMixed impact: mixed
“We are still facing a challenging market in 2025. In terms of orderbooks for 2025 we do see an improvement for both fall and winter.”
Annual report 2024A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Consumer spending
Macro
DriverNegative impact: weakens
“Despite continuing and signicant market turbulence, Hanwag’s 2024 results were pos - itive, even if they fell short of the previous year’s. e sector faces costs that are rising unabatedly, a decline in consumer consump - tion and retailer reluctance to make purchases. ese factors aect Germany, Hanwag’s key market, and therefore had a big impact on earnings. Nevertheless, the company only narrowly missed its target for 2024.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Consumers kept their wallets tight, and big overstocks in the markets led to a lot of price pressure. e weather continues to be unpredictable.”
Annual report 2024A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
USD vs DKK/EUR
Macro
DriverMixed impact: mixed
“The group’s net sales in dierent currencies are distributed as fol - lowing: SEK 12%, EUR 54% including DKK, USD 18% and other currencies 16%. A major portion of the Brand segment's purchases take place in USD, even though certain brands make a large share of purchases in EUR.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“The group had out - standing currency forwards as per December 31, 2024, where 36 MUSD had been purchased against 33.4 MEUR. If no hedge made, a 5% change of the USD/EUR rate would result in an annual eect of MEUR 3.4.”
Annual report 2024A · The company itself
Chains out: this mixed effect United States
Aviation and travel
End markets
DriverNegative impact: weakens
“It was a challenging year, even more than we/I anticipated. e very strong market during Covid and eects from a low growth in many countries and other diculties arising from the po - litical and macroeconomic situation in the world aected our business. In earlier periods of low growth and recessions usu - ally the outdoor industry and Fenix Outdoor especially has gained from people buying more goods doing local outdoor ac - tivities and travelling less, but in 2024 the situation was dierent. People travelled more than ever and were also, to some extent, already equipped with goods and equipment purchased during the covid.”
Annual report 2024A · The company itself
Chains in: Fuel strengthens, Pandemics and outbreaks weakens
Inflation
Macro
DriverNegative impact: weakens
“Nevertheless, the company only narrowly missed its target for 2024.”
Annual report 2024A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Inventories
Macro
DriverNegative impact: weakens
“In terms of orderbooks for 2025 we do see an improvement for both fall and winter. ere are still signs of retailers being cautious of taking risks in inventory. ey are counting more on reorders from the brands. is means there is an increase of risk in our busi - ness, especially in purchasing, as we must take a larger risk to enable us to capitalize more in reordering. e supply chain as well as the political environment is also factors playing in.”
Annual report 2024A · The company itself
Tourism, hotels and experiences
End markets
DriverPositive impact: strengthens
“Our stores in tourist locations are doing well, especially in Sweden and Norway, where currencies are still weak. We think we will continue to bene - t from strong tourism.”
Annual report 2024A · The company itself
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“We have seen heat records in the “wrong periods,” and this has been visi - ble in trac both in the stores and on e-commerce.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“On the shorter perspective also the “Covid outdoor boom” disturbed the more normal trends. • Weather-related and seasonal risks. Certain parts of the group’s product range and sales are aected by weather conditions.”
Annual report 2024A · The company itself
Chains out: this weakens Agriculture and food production
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“In terms of orderbooks for 2025 we do see an improvement for both fall and winter. ere are still signs of retailers being cautious of taking risks in inventory. ey are counting more on reorders from the brands. is means there is an increase of risk in our busi - ness, especially in purchasing, as we must take a larger risk to enable us to capitalize more in reordering. e supply chain as well as the political environment is also factors playing in.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Externally we are facing a volatile supply chain, both in speed and cost, as well as political challenges from potential trade wars, need to note tough that we have a limited exposure to the US vs China part of it.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
E-commerce
Technology
DriverNegative impact: weakens
“Other observations from the year passed A trend globally, valid for all periods, was that the digital sales channels in general underperformed compared to brick and mortar. Despite a total loss of sales vs 2023 of 7.3%. e brickand-mortar business stand-alone showed was stable com - pared to the year before, that including the close of some nonprotable addresses.”
Annual report 2024A · The company itself
Interest rates
Macro
DriverPositive impact: strengthens
“We also see fewer price increases and lower Relocate to a new location in Täby Centrum, with better visibility in the shopping mall. interest rates, which should normally be good for consumption.”
Annual report 2024A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
IT operations and cloud
Raw materials and inputs
InputNegative impact: weakens
“Internally we are facing extra costs from implementing the new ERP system, while keeping old sys - tems running, as well as higher than normal costs running our logistics until we have fully implemented our warehouse oper - ation in Ludwigslust.”
Annual report 2024A · The company itself
Sea freight and freight rates
Raw materials and inputs
DriverNegative impact: weakens
“e third quarter continued as the second quarter. e re - tail market continued to be driven by price pressure and warm weather. e supply chain was aected negatively by the cri - sis in the middle east. is were, not only creating delays to Europe, the following lack of containers also hurt deliveries to the US. e were some lights.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens
Shipping and logistics
End markets
InputNegative impact: weakens
“Internally we are facing extra costs from implementing the new ERP system, while keeping old sys - tems running, as well as higher than normal costs running our logistics until we have fully implemented our warehouse oper - ation in Ludwigslust.”
Annual report 2024A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
Asia and emerging markets
Geography
Geography
“e Brands segment operates distribution companies concentrated on sales of a sin - gle brand and operates business-to-consumer sales through brand retail stores in Europe and North America. e Brands segment also operates online sales in all major markets. e Global Sales segment consists of Fenix Out - door multibrand distribution companies represented globally, mainly buying its products from the Brands segment. e Asian distri - bution companies also run retail operations, primarily brand retail.”
Annual report 2024A · The company itself
Geography
“External sales per market, MEUR Jan-Dec 2024 Jan-Dec 2023 Jan-Dec 2024 Jan-Dec 2023 Jan-Dec 2024 Jan-Dec 2023 Switzerland 1.2 0.7 - - 7.9 10.7 Sweden 9.3 11.4 73.2 73.9 - - Other Nordic countries 1.8 2.4 62.6 60.5 31.5 33.2 Germany 52.4 64.1 189.9 197.1 - - Benelux 18.4 17.0 0.3 0.3 10.7 10.8 Other Europe 16.4 20.0 21.5 20.3 39.2 42.2 Americas 67.3 80.3 - - 44.7 54.8 Other World 6.4 2.4 - - 30.6 36.8 Total 173.2 198.3 347.5 352.1 164.6 188.5 Our Global Sales division is our owned and operated network of wholesale distributors spanning Europe, the Americas, and Asia. Owning and operating our global wholesale distribution network provides numerous advantages. Operating our own local wholesale companies aords us the advantage of deep and direct insights into key markets.”
Annual report 2024A · The company itself
United States
Geography
Geography
“e Brands segment operates distribution companies concentrated on sales of a sin - gle brand and operates business-to-consumer sales through brand retail stores in Europe and North America. e Brands segment also operates online sales in all major markets. e Global Sales segment consists of Fenix Out - door multibrand distribution companies represented globally, mainly buying its products from the Brands segment. e Asian distri - bution companies also run retail operations, primarily brand retail.”
Annual report 2024A · The company itself
Geography
“External sales per market, MEUR Jan-Dec 2024 Jan-Dec 2023 Jan-Dec 2024 Jan-Dec 2023 Jan-Dec 2024 Jan-Dec 2023 Switzerland 1.2 0.7 - - 7.9 10.7 Sweden 9.3 11.4 73.2 73.9 - - Other Nordic countries 1.8 2.4 62.6 60.5 31.5 33.2 Germany 52.4 64.1 189.9 197.1 - - Benelux 18.4 17.0 0.3 0.3 10.7 10.8 Other Europe 16.4 20.0 21.5 20.3 39.2 42.2 Americas 67.3 80.3 - - 44.7 54.8 Other World 6.4 2.4 - - 30.6 36.8 Total 173.2 198.3 347.5 352.1 164.6 188.5 Our Global Sales division is our owned and operated network of wholesale distributors spanning Europe, the Americas, and Asia. Owning and operating our global wholesale distribution network provides numerous advantages. Operating our own local wholesale companies aords us the advantage of deep and direct insights into key markets.”
Annual report 2024A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Currency exposure
Macro
DriverNegative impact: weakens
“Our stores in tourist locations are doing well, especially in Sweden and Norway, where currencies are still weak.”
Annual report 2024A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 0.7 bn EUR |
| Revenue growth vs. the year before, same method | -6.8 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | N/A |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | N/A |
| Growing | ✗ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (EUR), not converted to DKK. Quotes are shown as the company's own words in the report's original language.