Danish confectionery brand, LAKRIDS BY BÜLOW, has reported a record-breaking year in 2024, achieving an all-time high total revenue of DKK 376 million (€50 million), marking an 18% overall growth. Meanwhile, EBITDA increased to DKK 64.7 million, up from DKK 58.6 million in 2023. The UK remains a standout market for LAKRIDS BY BÜLOW, delivering an impressive 90% year-on-year growth, solidifying its position as a key region for the brand’s international expansion.
Continuing its ambitious mission to make the world love liquorice, 2024 saw a strong year for international growth, with the UK taking position as one of the fastest-growing international markets for the brand. Leveraging a combination of new store openings, enhanced retail partnerships, and strong e-commerce performance, the UK will remain a key focus market for the brand in 2025, and is expected to have an average annual growth rate of 9% until 2029.
“I am incredibly proud of the 2024 results, where we have achieved growth both at the top and bottom line. Delivering substantial revenue growth while also increasing profitability demonstrates how our strategy—focusing on both online retail and expanding our physical store presence—is working,” says Fredrik Nilsson, CEO of LAKRIDS BY BÜLOW.
“The cocoa we purchase is a high-quality product, and prices have risen significantly in recent years. That said, ensuring the quality of our products remains our top priority, and we have worked hard to continue delivering the products our customers know and love.”
He continues: “In 2024, we have continued to build on our strategy of international expansion with the opening of seven new stores outside Denmark, including our third UK store. The UK is a vital part of our international growth strategy. We have seen an incredible response from British consumers, and our continued investment in physical retail, along with digital growth, is proving successful.”
Global expansion and omnichannel success
Beyond the UK, LAKRIDS BY BÜLOW has continued its international expansion, with export sales increasing by 32% in 2024, and 74% of the brand’s total revenue coming from international markets (up from 70% in 2023). There has been an exceptional response in the UK for the products, which now contributes 5% of the brand’s total revenue, increasing from DKK 9.6 million in 2023 to DKK 18.3 million in 2024. Seven new stores opened globally, bringing the total number of LAKRIDS BY BÜLOW stores to 40.
The development in the 2024 financial report highlights the effectiveness of LAKRIDS BY BÜLOW’s omnichannel strategy:
Retail sales increased by 27%, boosted by new store openings, including the third UK store in Westfield London
E-commerce continued to thrive, with a 15% rise in online sales, reflecting the brand’s ability to merge digital and physical retail experiences seamlessly
B2B sales grew by 13% in 2024 as a result of targeted efforts toward larger customers with high potential
The Travel Retail sector expanded, with stronger global airport partnerships contributing to brand awareness and sales growth
Building a loyal UK community
A key driver for engagement has been LAKRIDS LOVERS, the brand’s exclusive taste panel and community. The group grew from 150,000 to over 220,000 members globally in 2024, with the UK panel expanding to nearly 20,000 active members, reflecting strong consumer enthusiasm.
Navigating challenges and looking ahead
Despite rising raw material costs, particularly cocoa, LAKRIDS BY BÜLOW remains confident to sustain profitability and growth for 2025. The company’s diversified business model and strong international presence continue to mitigate industry challenges.
Fredrik Nilsson added: “We enter 2025 with momentum, a clear expansion strategy, and an unwavering commitment to bringing our premium liquorice to even more consumers worldwide.”
LAKRIDS BY BÜLOW’s full 2024 annual report is now available, providing further details on the brand’s record-breaking performance and future ambitions.
