Cecilie Bahnsen Aps

Development in activities and financial matters
The net result for 2022 is a loss of DKK -2.443.879 against DKK -6.496.583 last year, which is in line with expectations.

We succeeded growing our revenue, enhancing our gross margin and implementing strategic initiatives whilst reinvesting in the business to ensure a solid foundation for future growth. As part our strategic roadmap we want to strengthen our DTC channels and revenue has YoY grown with 17% primarily due to the increase with our directly operated E-commerce platform including private shopping services as well as launching on Marketplaces. Collaborations have been successful in introducing new categories and extending the brand universe. We pre-launched our ASICS trainer partnership in October as well as two new product categories, shoes and bags which were launched with the SS22 collection. The continuation and refinement of the Edition replenishment collection as well as the Encore up-cycled collection are both part of our aim to expand our circular business model with timeless pieces outside of trends and seasonality. To sustain the international business development and brand exposure we presented our collection twice in Paris as part of the Paris Fashion Week official calendar, the March edition being our first physical show in Paris. Furthermore, Cecilie Bahnsen moved to a new and larger Head Office in Copenhagen as well as initiating the implementation of an ERP system. Lastly, we have invested in attracting experienced team members within Management. The Leadership Team has been strengthened by a new Head of Marketing position, a new US based Head of Sales & Business Development, and a new responsible of E-commerce.

Outlook
The Management expects positive earnings in 2023. Each season the universe expands building on signature silhouettes and unique fabric developments which is our approach to timeless design. Focus will be to grow our omnichannels, whilst building customer data and CRM, through investment in our e-commerce platform, private shopping services and pop ups. Digital marketing initiatives are supporting our international community growth and we are continuously entering new marketplaces whilst growing mainly within our existing wholesale partners. Dedicated attention in our two key growth markets US and Japan will be executed with physical activation and local marketing initiatives. With the strengthened leadership team, the company is ready to accelerate the strategic initiatives. This in mind combined with focus on cost level management and enhanced GM, the company is geared to a healthy future with profitable growth.