Egmont Publishing acquires additional shares in Norway's largest online accessory store for yarns and knitting accessories, Garnius.no, and now holds a majority ownership position. The goal is to make Garnius a leading Nordic player.
“We already have a strong portfolio of e-commerce companies. By increasing our ownership in Garnius we invest further in our companies. Since we acquired a part of Garnius in 2018 we have had an excellent cooperation with the founders. The target group around yarn and knitwear is a segment that we already focused on in many of our publications,” says Torsten Bjerre Rasmussen, CEO of Egmont Publishing.
Garnius.no was established by Stein Inge Svensen in January 2016 and had a turnover in 2019 of approx. NOK 120 million. The company has taken a leading online position in Norway by offering quality yarn at reasonable prices. First market outside Norway has been the Danish and the plan is to launch Garnius both in Sweden and Finland i 2020.
Egmont has been investing in e-commerce since 2013 and has a central team dedicated to develop e-commerce businesses. Egmont's e-commerce portfolio consists of companies such a Jollyroom, Bagaren and Kocken, Outnorth, Fjellsport, Med24, Nicehair and Garnius. The portfolio had a total revenue of more than three DKK Billion in 2019.