Scandinavian Luxury Group – From 10M to 115M SEK Revenue

Scandinavian Luxury Group, founded in 2006, started as an online retailer of high-end watches and jewellery with an initial turnover of 10 million SEK. As the company grew and expanded operations across Scandinavia and into several other European countries, they faced increasingly complex financial management challenges. The company needed professional accounting and audit services to manage their growing business complexity, handle tax issues across multiple jurisdictions, manage credit relationships with banks, and ensure proper financial controls as they scaled their operations.

Revideco provided comprehensive financial and audit services to Scandinavian Luxury Group. The solution included audit services, consulting, tax issue management, control balances, tax returns, outcome analysis, VAT management, partnership agreements, and international consulting for VAT in other EU countries. The implementation involved a structured approach where the company's internal accountancy firm handled day-to-day accounting and periodic controls. The basis for annual review and audit was then sent to Revideco for control, adjustments, and completion of the full audit. Additionally, Scandinavian Luxury Group consulted with their auditor on a regular basis throughout the year, and Revideco provided guidance on credit issues with banks and other strategic financial matters.

Scandinavian Luxury Group grew from 10 million SEK in turnover at founding to approximately 115 million SEK in current turnover, representing an 11.5x increase in revenue. The company expanded from its initial operations to become the largest online deliverer of high-end watches and jewellery in Scandinavia and established operations in several other European countries. The company now employs 12 people and maintains professional financial controls and compliance across all markets.