AUSTRIA - The Blum Group recorded a total turnover of EUR 2,324.59 million from 1 July 2022 to 30 June 2023, equating to a reduction of EUR 317 million compared to the previous year.

The furniture industry has been experiencing a sharp decline in demand since the second half of 2022. Philipp Blum, Managing Director of the Blum Group recaps: "After a period of high investment in home improvement, we have been observing a turning of the tide since autumn 2022. High levels of inflation, rocketing prices and the global energy crisis have generated a feeling of immense uncertainty among end users. This translates into restrained purchasing behaviour."

China's strict Covid policy lasting almost a year and the cessation of deliveries to Russia have also slowed down business.

Blum continues to make large investments in its premises in Vorarlberg and around the world. The total volume in the past 2022/2023 financial year amounted to EUR 390 million , EUR 255 million of which was spent in Vorarlberg. Over the next few years, 52,000 sq. metres of production and storage space for more than 16,000 pallets will be created at the main site in Vorarlberg. After three years of building work, the Chinese production site in Shanghai was inaugurated in March.