Swedish clothing market down in early December

Source: Svensk Handel *2025 December sales up to the 16th

Preliminary Swedish clothing market data for December sales up to the 16th were down 8.4%. Although we believe that the figures was quite weak, the period is quite short, so it can be affected by various factors such as the timing of Black Week sales.

Sales figures for December signal earlier Christmas shopping

As usual, preliminary Swedish clothing market data for December was released last Friday, and sales up to the 16th were down 8.4%. Given that November sales were relatively strong (+7.5% y/y), followed by a softer trading period through December 16, we believe this points to a pull-forward of Christmas shopping, as consumers shifted spending to Black Week in November. While several key trading days in December remain, October sales were relatively modest (+3% y/y), in our view reflecting a still-challenging retail environment. This can partly be explained by mild weather conditions, which dampened demand for seasonal clothes.

Sweden is Björn Borg’s largest market

Sweden is Björn Borg’s largest market, accounting for approximately 37% of total revenue. We estimate that Björn Borg will achieve around 1% y/y growth in Sweden for Q4’25, largely in line with what we expect for the broader Swedish clothing market during the same period. However, it should be noted that Björn Borg faces very tough comparisons in the Swedish market (Q4’24: 43% revenue growth). On a group level, our forecast expects Björn Borg’s Q4’25 revenue to amount to 238 MSEK, corresponding to 3.0% revenue growth in local currencies. However, due to a negative FX impact from a strengthening SEK, we expect reported revenue to increase by 1.6% y/y.