In September 2024, Gardenstore made headlines by announcing its return from bankruptcy, under the ownership of Norwegian entrepreneur Hugo Reed. Now part of a wider e-commerce group that includes online retailers Spaxo, Bagin, and Mspa, Gardenstore is aiming to rebuild and reclaim its former glory.
According to Hugo Reed, the past year has been a challenging one for the garden products sector, but the company's focus on quality and a market-driven strategy is already yielding positive results. 'We are proud to announce that Gardenstore has been profitable for the past three months, and we now have a firm grip on the business,' Reed stated to Ehandel.
Photo: Gardenstore.
Reed believes there are significant synergies between the group's various brands, online stores, warehouses, and logistics. With prior experience only in Norway's e-commerce landscape, Reed is now focused on the gradual and steady development of Gardenstore. 'Our ambition is to grow Gardenstore step by step, prioritising quality products and ensuring satisfied customers, suppliers, and partners while building a sustainable and profitable business,' he explained.
A key component of the strategy is the introduction of select brands that complement Gardenstore's profile and enhance its range of outdoor products. For 2024, Reed estimates a combined gross turnover of around SEK 90 million for Gardenstore across Sweden and Norway, with a focus on profitability.
The acquisition, according to Reed, has strengthened their position and enabled them to establish a unified brand identity. Despite the challenges faced by the garden products industry, Reed remains optimistic about the future. 'We see great potential for Gardenstore and our entire e-commerce group,' he concluded.
Source: www.ehandel.se