How Are Scandinavian Companies Competing with Multinationals?
The Scandinavian style combines minimalism, elegance and edginess as the aesthetic. Not only are Scandinavian products stylish, but they also focus on ethical fashion, including the responsible use of resources and an emphasis on social issues. A significant amount of new, small players enter the market in Scandinavia each year, bringing innovation and new trends with them.
For instance, watch company Daniel Wellington was founded in 2011 and managed to achieve the market share of Rolex in Sweden in just 5 years. Kanken backpacks is another example, which in the last three years have a market share just below Michael Kors in Sweden. Both brands represent high-quality Scandinavian products, which have iconic yet minimalistic designs and were able to significantly increase brand awareness in a short time. These small brands have room for innovation and experiments, which is a key strategy for attracting consumers that desire something special and unique.