According to an article on ehandel.se, Swedish e-tailer Ridestore reported sales of just over SEK 1 billion (€90.8m) in its latest financial statements for 2021/2022, including currency exchange gains. Excluding, earnings were SEK 975 million (€87.6m), solid growth from SEK 600 million (€53.9m) the previous year.
The privately held company from Gothenburg was founded in 2006 by brothers Linus Hellberg and Emil Hellberg, who were tired of ordering snowboard gear unavailable in Sweden from online stores in the U.S. (and many of their friends placing orders with them as well). What started as a small project for a small group of friends quickly became a success story. After the procedure of ordering overseas turned into a business, the owners decided to sharpen their strategy and not only cater to the wishes of their clientele in brand selection, but also offer their own apparel with products developed in close collaboration with customers.
With the snowsports and outdoor community at its core, Ridestore currently sells well-known brands such as Vans, Peak Performance, Bern, Picture, The North Face and Adidas, as well as its own brands Dope (clothing trademark acquired in the U.S. and Canada from EPOD America in 2020) and Montec throughout Europe via its webshop ridestore.com. There are currently 15 country-specific e-stores and an English one for the rest of Europe. The offer also includes a “Renewed” section for secondhand products.
Ridestore has previously been described as one of the most profitable e-commerce companies in Sweden. Currently, the operating profit has tripled from SEK 111 million (€9.96m) to SEK 336 million (€30.15m) for 2021/2022, with a bottom-line profit (after tax) of SEK 199 million (€17.86m). According to ehandel.se, Ridestore said it was not significantly affected by the Covid pandemic. Sales in Scandinavia totaled SEK 206 million (€18.49m) and in Europe SEK 639 million (€57.35m). Outside Europe, the company had sales of SEK 128 million (€11.49m). For the upcoming fiscal year, it expects another significant increase in sales, thanks mainly to the success of its own brands Dope and Montec, as the company’s sales in Europe grow strongly.
Until three years ago, the store also offered its own skate brand called Newsoul, which seems to have been discontinued, at least for the moment.
