Owner group led by Ayad Al-Saffar acquires Åhléns from Axel Johnson

After 34 years as owner, Axel Johnson is now selling Åhléns to an ownership constellation led by Ayad Al-Saffar, with the ambition to further strengthen, develop and expand Åhléns in the future. Through the change of ownership, investments made by Axel Johnson in Åhléns including in automation and digitalization, will be used in the best way by owners with a strong commitment, deep knowledge and extensive experience in retail.

Under the deal, Åhléns will have a new owner in Ayad Al-Saffar, who through Axcent of Scandinavia AB, the main owner of watch and jewelry retail chain Ur & Penn, will become the majority shareholder. Torsten Jansson and Göran Härstedt’s Härstedt & Jansson Invest AB will serve as passive minority investors. When the deal is completed, which is expected to take place in August, Ayad Al-Saffar will take over the position of CEO from Åhléns’ current CEO, Annica Hagen.

Says Ayad Al-Saffar:
“I am very happy and proud to have the chance to drive Åhléns’ continued development forward. It is one of Sweden's oldest and finest brands, which still has almost 100% brand awareness and a unique relationship with its loyal customers across Sweden. Retail sales in stores will continue to play a clear role in the durable goods market, and Åhléns will have an important position in that market.

As a committed owner and leader, I want to make the Åhléns department store into a place where customers come not only to shop, but also for an experience and meeting place outside the ordinary. We see great potential in continuing to invest in Åhléns department stores and at the same time develop Åhléns’ online presence. I would like to extend a special thank you to Axel Johnson for the trust in me they have shown by handing me over the baton to take Åhléns into the future.”

Åhléns was founded in 1899 in the small town of Insjön in central Sweden and is to this day one of Sweden's strongest brands, with 47 department stores across Sweden and e-commerce via åhlens.se, as well as subsidiaries Åhléns Outlet and Designtorget. In 1988, Åhléns was acquired by Axel Johnson.

Axel Johnson has been undergoing an extensive transformation for the past several years under the group’s 10/50 goal that in ten years, at least 50 percent of Axel Johnson’s revenue will derive from activities that currently do not form part of its business. In 2022, Axel Johnson will exceed SEK 100 billion in sales for the first time.

Says Mia Brunell Livfors, CEO Axel Johnson:
“We have been deeply committed owners of Åhléns for 34 years, and the company and its employees have a special place in our heart and that of our owner family. As we now leave as owners, we do so with the conviction that the new owners will devote their full focus to developing the company with a view to long-term financial sustainability. Åhléns, under Annica Hagen's leadership, has recently shown growth, creating a new energy in both the organization and the brand, and reversing the earnings trend. We have made investments in expertise, digitalization and branding, as well as in a new automated warehouse, which will provide both a better customer experience and lower costs.

The deal also reflects the transformation and strategic direction that Axel Johnson is pursuing, where we have become a larger, stronger and more diversified group. Our business is now evenly distributed between consumer trade – with an emphasis on food and beauty – and B2B businesses, with a strong and fast-growing industry group and big ambitions in structurally growing areas linked to today's major macro trends, such as solar energy and food of the future.”

The deal is expected to be complete in August and requires approval from relevant authorities.

For more information:
Mia Brunell Livfors can be reached via Axel Johnson’s EVP of communications, David Salsbäck at tel. +46 (0)733 89 00 90, david.salsback@axeljohnson.se

Ayad Al-Saffar can be reached via Josefine Bengtsberg at tel. +46 (0)70 775 86 55 josefine.bengtsberg@kingroup.se

About Åhléns
The family company Åhléns was founded in 1899 in the small town of Insjön in central Sweden and is today one of Sweden’s strongest brands, with 47 department stores across Sweden and e-commerce via åhlens.se. Åhléns offers an engaging world of brands and services where we constantly inspire our customers to new discoveries and meetings based on their needs and dreams. We have a curated range of carefully selected quality brands and services in beauty, home and fashion. Åhléns has sales of SEK 4.7 billion and every year some 3,000 skillful employees meet 60 million visitors. Åhléns Outlet and Designtorget are subsidiaries.

About Axel Johnson
Axel Johnson is a leading Swedish family-owned group, with a major footprint in Food, and with businesses spanning across sectors as diverse as Industrial and IT Solutions, Beauty, Health and Wellness, and Solar energy. Group companies currently comprise Axel Johnson International, KICKS, Martin & Servera, Novax, Åhléns and the partly owned listed companies Axfood (equity stake 50.1 %) and Dustin (equity stake 27.3 %). Axel Johnson’s consolidated annual sales amounts to SEK 94.7 billion (2021) and the wholly and partly owned companies have about 25,000 employees. Axel Johnson is a family-owned company in the fourth and fifth generation and is owned by Antonia Ax:son Johnson and her family.