Ridestore, an online retailer of private label snowear for extreme sports founded in Sweden just over ten years ago, has reported excellent financial results for the second year in a row, attributing the growth mainly to its successful expansion to other parts of Europe and North America.
For the financial year ended on March 31, the company booked an increase of nearly 100 percent in pre-tax earnings to 130 million Swedish kronor (€12.5m-$14.8m) on 81 percent higher revenues of SEK 580 million (€55.8m-$66.2m). In the previous fiscal year, sales and profits had risen by 70 percent and 116 percent, respectively.
With a team of 70-plus collaborators in various parts of the world who speak ten different languages, Ridestore designs and develops its own collections for a specific target group of customers, backed by intensive marketing under the Dope Snow brand name. It recently claimed 500,000 fans on social media. Ridestore follows a strict direct-to-consumer policy, relying on feedback from the end users.
The company says it will use its good financial situation for further expansion abroad, recruiting new collaborators for this purpose. It also wants to consolidate and improve its market position in the Nordic and German-speaking countries, Poland, Benelux, France, Spain, Italy and the U.K., as well as in North America.