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Schmidt Groupe reports solid performance and expansion plans

Despite the ongoing crisis in the kitchen and furniture industry and the globally diminished demand in the second half of 2023, the Schmidt Group (formerly known as SALM) reports a solid overall annual performance in retrospect. With a production revenue of €668 million, the company stands only 0.2 percent below the result from the previous year. This adjustment in revenue figures comes as the Schmidt Groupe sold its shares in its joint venture in China to local business partners last year, while the brand license remained unaffected.

Photo: Schmidt Groupe

Similarly, the retail revenue, including the sales of built-in electrical appliances delivered through the group, shows consistent figures. The German-French family-owned business, led by Anne Leitzgen in its third generation, generated €1.7 billion. The Schmidt Group also recorded a significant increase in the number of mono-brand studios, stationed in Germany as well as in France and Belgium (under the label "cuisinella"). The group expanded by 58 new studios to a total of 914 partner houses in 2023—a record. The franchise system plans to maintain this momentum in 2024 with 40 planned new store openings. These stores, compactly sized between 50 to 150 square metres, are increasingly positioned towards city centres. The Schmidt Group aims to surpass 1,000 stationary stores in the near future.

The diversification strategy beyond kitchens is proving fruitful, including an expansion of the product portfolio with a separate brand ("Schmidt Groupe ID Pro") targeting the B2B market for retail, hospitality, and healthcare. As part of the expansion policy, the company continues to hire employees. The total number of employees—both corporate and within individual studios—increased by 5.5 percent to 8,854 in 2023. This number is expected to grow to over 9,000 in 2024.

The Schmidt Groupe is also investing further in sustainability. With the new B Corp certification, companies are recognised for their social, environmental, and economic commitment. With this, the company aims to contribute to a global movement advocating for a higher purpose beyond mere profit maximisation.

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Schmidt Groupe

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