While about a hundred million dollars each day are gushing out from his life’s work, tøjimperiet Bestseller, so, to be sure, the criticism in just as much style down over Denmark’s richest man, mangemilliardæren Anders Holch Povlsen.
First, because he fired 750 employees in its milliardkoncern. And this week, because he announced that his stores will not pay the rent, before he gets the part of the state stimulus packages. But why this crisis strikes precisely Anders Holch Povlsen so hard? And why can he not cover the deficit from its milliardformue?
According to the industry organisation Dansk Fashion & Textile is the fashion industry particularly hard hit by the coronakrisen.
“The big challenge for the industry right now is that they are lacking liquidity because the fashion industry is working far in advance. It, you’re working with now, are the collections that hit the stores in six or 12 months. So right now there are a lot of companies, which are faced with a lot of goods in stock, as they simply can’t get sold, for all the shops are closed,” explains the organisation’s head of press, Simon Hansen.
And it is also the one that has hit the Bestseller as a mavepuster.
even though Anders Holch Povlsen, according to the Berlingske tidende last year was Denmark’s wealthiest individual with a fortune estimated at $ 56 billion, so it is not the same as ready money.
According to Anders Drejer, a professor in economics at Aalborg University, is there a difference between an estimated value of a company – and then to have the money in the bank.
“There is nobody who has the money in hand. The fortunes are a share price, as you could alternate, if you could sell them. But what you can’t (right now red). It is, therefore, that the government go out and make the stimulus packages. For this money – liquidity – is not the reality,” he explains.
But it seems a little desperate, when Denmark’s richest man goes out and says that he can no longer afford to pay the rent? Is it really so bad?
“I do not believe that it is desperate. In fact, I believe it is deliberate. There comes the world again for three months, where the Bestseller is also worth money, he has, of course, just don’t need to go broke along the way,” he says, and adds:
“You can well imagine, that there is so much liquidity, you just have counted on in many companies.”
How much Anders Holch Povlsen has standing in the bank, at enough only he himself and his bank manager. But it is well known that rigmanden has invested many of its billion far and wide.
in addition to being a major shareholder in Nemlig.com he also has a big stake in onlinetøjportalen Asos, just as he also owns a part of the discountkæden Normal. In addition, he has acquired vast landholdings in Scotland.
Technically, he could sell some of the assets, if he lacked money. According to Anders Drejer, though, it is hardly realistic right now.
“There are not any that bother to buy Scotland right now because of Brexit,” he says.
On the day where he fired the 750 employees of the Bestseller, put Anders Holch Povlsen even words on the situation in an interview with Børsen.
According to Holch Povlsen is pouring 100 million dollars daily out of his group to the fixed costs for suppliers and primarily to properties – without new revenue due to closed shops.
“Then we must see in the eyes, that it’s going to take longer than most would like to believe, before it all running again. We have no other choice than to plan for the worst,” said rigmanden.
Author and former journalist Søren Jakobsen, who has written several books about Anders Holch Povlsen and the Bestseller, is not in doubt that rigmanden will be extremely hard hit by the crisis:
“It is a big problem for him, to the spring collection hangs in the closed shops, for there are hardly many customers who want to buy a spring collection, when this is over,” he says.
He estimates that Holch Povlsen might end up losing half of his estimated fortune in the crisis.
“He’ll be weakened really hard, and that is why he has gone very drastically to work and can’t pay the rent. It could he the otherwise well – would you believe – with the fortune he has,” he says.
Although it seems harsh to fire and stop the payments, so he believes that Anders Holch Povlsen probably not have had so many other options.
It is Anders Turn agree:
“Anders Holch is really skilled. But he is also cynical, and that he must be, for he has a responsibility. It annoys me that I have to say it: But there is a reason that you are told that you need to take your own mask on in the plane first,” he says.
But is it fair for landlords, that he refuses to pay the rent?
“You send the problem on. You send it back, and ahead. If one is cynical, one could have an opinion on it, but conversely so is the business the correct decision,” says Anders Case.
no matter how wrong it goes, so will Denmark’s richest man, however, hardly end without money in the bank:
“He can well afford to lose half of his fortune. So he will still be a very wealthy man,” says Soren Jakobsen.
B. T. would like to have asked Anders Holch part question for his behavior. Bestseller illuminates, you are too busy to answer on several questions and regard to the opinions already given.