Stokke 2022 Annual Report
14th June 2023
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,” - he added.
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."
First Sustainability Report with landmark university partnership
Stokke's annual results coincided with its first sustainability report, which sets outs its ESG ambitions. They include reducing emissions, implementing a circular business model starting with using recycled polyester and ensuring all materials used are ethically sourced.
In 2022, the Norwegian company Stokke signed the Science Based Target Initiative to measure and reduce Scope 1, 2, and 3 emissions and committed to the responsible sourcing of wood for its worldwide recognized children’s products. The company wants all its wood products to be certified by the Forest Stewardship Council by 2030. It is also committed to implementing fair practices in its supply chain and in 2022 became a member of SEDEX, a global membership organization that connects businesses all over the world to improve business practices.
The report also highlights the company's comprehensive Child Development and Sustainability Strategy based on five of the UN Sustainable Development Goals (SDGs) which includes a three-year partnership with the University of Copenhagen signed last April.
Through the partnership with the university, Stokke has committed to funding a three-year long PhD study on learning and social development at the dining table. Through this collaboration, it will gain unique scientific-evidence-based insights to ensure Stokke's business strategy and new product development (NPD) continue to be informed by cutting edge research into child development.
"Early childhood development is one of the most critical paths in a child's life, and we believe we have an important role to play in how families come together around mealtimes. This partnership aligns well with our mission to strengthen the connection between parent and child, and to promote child development," explains CEO at Stokke, Jacob Kragh, and continues,
"Our overall sustainability strategy aspires to make Stokke the obvious choice for parents who want to see change. We believe that the most sustainable products are the ones you never have to replace. Our products are not only designed with superior functionality for comfort but also to bring children closer to their parents – and importantly, they have been proven to last."
The three-year partnership focusing on child development is welcomed by the University of Copenhagen, and of great importance to the institution’s future work. As Dr. Johanne Smith-Nielsen, Associate Professor Ph.D. Clinical Psychologist and supervisor of the partnership project explains;
“The early years of life have impact on our development throughout our lives. Every interaction is a window of opportunity for learning and development”.