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Development in activities, financial matters, and business performance in 2022
The Bibs Group has continued its business expansion and is a truly global group with more than 10,000 points of sales in more than 90 markets and growing.
The continued broad-based growth in Bibs Group is based on a high-quality product offering and unique brand position in the market reflected by an increase in demand of the Bibs Group’s products by end-consumers. The Bibs Group has continued to introduce new quality products and introduced a collab with the famed British design house Liberty, enhancing the iconic Bibs pacifiers and accessories with unique floral prints. In 2022, Bibs fully entered the baby feeding category with a successful launch of the Baby Bottle in unique quality and functional design. The Baby Bottle is now marketed and sold in most key markets and is expected to contribute to further growth in 2023.
The Bibs Group’s organic growth of revenue has been double digit in 2022 compared to 2021 which is considered very satisfactory given a 100% growth of revenue last year and a continued rough macroeconomic environment, changing market conditions and aftermath of the working conditions of the global corona pandemic.
The gross profit for 2022 of the Bibs Group is 113 mDKK. Bibs Group has faced material increases in cost of sales (e.g., increase in raw material prices, costs of external online trading platforms and transport costs). The result is in accordance with the projections and expectations set out in our 2021 annual report. Bibs Group decided throughout 2022 not to make any material price increases to the benefit of our end customers.

MANAGEMENTS REVIEW 2022



Development in activities, financial matters and business performance, continued
In addition to these external factors affecting gross profit, the profit (EBITDA) of the year has primarily been affected by three internal Bibs Group decisions. Namely, (i) the taking over the UK, US and German markets from distributors and converting these markets to own markets such as the Nordics, (ii) taking on a broader management team and doubling of staff costs compared to last year, and finally (iii) inventory write down of certain non-core product groups as a result of Bibs Group’s new strategy “Develop from the Core” which was presented and implemented in late 2022. In relation to the takeover of the US market Bibs Group has taken a loss and write-down of debt to the former distributor in US. Furthermore Bibs is present in most channels like D2C, market places, drug stores, specialty store and pharmacies and the migration towards market places like Amazon has increased variable costs like transportation and marketing costs in the company affecting the 2022 results negatively.
Above decisions have a material impact on the EBITDA of 2022 ending at 59 mDKK. The decisions are considered by the executive board and the board of directors as key drivers for the growth expected in 2023 and beyond. Controlling key markets with highly skilled local management and sales teams combined with a stronger setup and development of the B2C brand store and marketplaces will drive further revenue growth and profitability in the years to come. Topline is expected to continue to grow double digit in 2023 with more limited one-off costs, having a positive impact on EBITDA.


The history
The Bibs Group is an exclusive Danish brand founded in 1978.
The original and iconic BIBS pacifier (Colour) has been on the market for over 40 years. Since then, the pacifiers have been adapted, improved, and enhanced so they all appear in a beautiful design, made of the best of safest material on the market. Several uniquely designed pacifiers have been added over the last years to redefine the shape and form and feel of a pacifier, which is one of the key components for the continued growth of the Bibs Group.
One of the keys to the success of Bibs is the honest and professional advice we provide. We are honoured by the trust that our customers and consumers show us. We achieve this only thanks to the efforts of our dedicated employees, their interest in and dedication to the development of the Bibs Group. We have continued our growth journey by hiring a strong, experienced and dedicated top management team and by additionally employing 68 (52 to 120 FTE) people in 2022 to provide the best service to our own markets, distributors and customers around the world.
To support this growth strategy, the Bibs Group continues to invest in research and development. Costs related hereto are primarily associated with development costs related to new products as well as further development on the existing pacifiers and other products in the product portfolio. In addition to this, Bibs Group management has high expectations to the market potential of the markets recently converted to own markets – the US, the UK and Germany.