A Swedish online gallery specialising in art and decorative home furnishings, has declared bankruptcy despite a strong growth trajectory. The retailer shipped to the EU, UK and US. Despite attracting major investors like Susanna Campbell, Michael Storåkers, Anna Storåkers, and Ben Eliass of Estrid, and efforts to raise additional capital through a new issue in January 2024, the company couldn't overcome financial difficulties.
In 2023, the company, The Ode To, saw a 24% increase in sales, reaching SEK 5 million, but struggled with significant losses, reporting a deficit of SEK 4.7 million compared to SEK 3.3 million the previous year.
Photo: Dreamstime.
These challenges lead to its recent bankruptcy announcement. On Instagram, The Ode To informed followers of its 'Last Sale Ever', encouraging customers to purchase art before the business shuts down.
Source: www.ehandel.se