Stokke continues acquisition drive as sales climb 35%
Revenues at Stokke, the Norwegian manufacturer of children’s products, jumped to record levels in 2022 as it shrugged off a challenging economic backdrop of rising global inflation and slower consumer spending.
sales revenue rose 35% in 2022
acquisition of Evomove completed – its fourth in 18 months
signs partnership with University of Copenhagen to fund child development PhD
Sales revenue rose by 35% to NOK 3.15bn in 2022, a year where Stokke’s iconic Tripp Trapp chair also celebrated its 50th anniversary, whilst EBITDA profits rose 9% to NOK 718m in 2022.
The company, whose mission is to create products that bring parents closer to their children, announced that it is planning further acquisitions to strengthen its global position having acquired Evomove last May. The acquisition of the company behind the renowned Nomi chair was its fourth such deal since 2021 and followed the acquisitions of German baby carrier company Limas, Italian multi-activity play table brand Mukako and BABYZEN, makers of the popular YOYO all-in-one lightweight stroller.
Jacob Kragh, CEO, Stokke, said that 2022 had been a “solid year”, particularly in light of the global economic and political challenges that confronted all businesses over the past year.
“Our 35% growth means that more families around the world are using our products which are designed to bring children closer to their caregivers – most famously with the Tripp Trapp high chair. Connections between children and their caregivers are fundamental to a child’s development in their early years and this is why we continue to invest not only in products, but also in academic research in this area.”
Following its resilient year, Jacob Kragh signalled that Stokke will continue with its strategy to build a robust expanded global business by selectively acquiring products and brands that have a strong presence in their regional markets.
Jacob Kragh added: “Our profitable business model allows us to invest in our future – through in-house innovation and external acquisitions. We are eager to acquire more companies that share our beliefs around child development, design, and sustainability. We will leverage our global presence to take popular regional brands international and maximise their full potential.”
Stokke was founded on the west coast of Norway in 1932. Once a family-owned company, the company has been owned since 2014 by NXMH, a Belgium-based investment company wholly owned by South Korea’s NXC. In addition to its head office in Ålesund, Norway, it has offices in the USA, Korea, China, and Japan.
Stokke’s ethos is epitomized by its Tripp Trapp chair, which celebrated its 50th anniversary in 2022. Created by Norwegian designer Peter Opsvik, the iconic chair launched in 1972 did something completely new; it gave children an ergonomic seat of their own and made it possible for children to comfortably join their family at the table for connection and bonding.
Since 2006, Stokke’s focus has been purely on the premium children’s markets with products that share a common purpose: to encourage child development and to nurture family bonding. Stokke’s mantra is that closeness fosters connection – it believes that children need this sense of connection to feel safe and loved, encouraging them to become self-reliant and confident learners in life.
Caring for children also means caring for the planet. So, it strives towards sustainable solutions – high-quality, durable materials, together with timeless design, ensure longevity to all our products.