Annual review 2020


Half new in ten years

In 2014, we set a goal for the transformation of Axel Johnson. The goal 10/50 means that in ten years, half of what we do will be things we do not do today. In 2020, we continued to move at the fast pace necessary to achieve the goal – development was accelerated rather than paused by the shift to digital channels. Six years into the measurement period, we have reached 34 percent new revenues and in 2020, transformation was driven primarily by our e-commerce growth.

Our view of transformation is threefold:

  • Transformation takes place every day, in our operations, in the decisions we make when we choose to do something different and better. That is the very foundation.
  • The second part is the business development that takes place in and around the companies, such as when we introduce new brands and product categories or enter new markets, for example. This is where organic growth is created in our companies. 
  • The third element is the acquisition of new businesses, which can be done in the companies or directly under Axel Johnson.

In 2020, product development continued within Axfood’s own branded products, such as Garant and the baby food brand Minstingen, and Kicks also continued its investment in its own brands with the launch of BeautyAct by Kicks. Growth in e-commerce continued, for example, with sales in Kicks and Åhléns e-stores increasing by 63 and 52 percent, respectively, and sales in Axfood’s e-stores – Hemköp, Willys and – increased by 112 percent. 

The year 2020 was slightly less acquisition-intensive than 2019, but activity increased towards year-end with, among other things, a number of investments in Novax’s focus areas technical safety, food tech and health.