Holch Povlsen is the chief executive officer of Bestseller, a Brande, Denmark-based retailer that sells clothing under the Jack & Jones and Vero Moda labels. The closely held company had revenue of 37 billion Danish Krone ($5.2 billion) in the year to July 2023, and owns half of a Chinese joint venture that has more than 7,000 stores.
Holch Povlsen owns retailer Bestseller, which his father co-founded with his wife, Merete, in 1975. The fortune has been credited to Anders Holch Povlsen -- rather than his father Troels -- since 2018 because he's the company's chief executive officer and owns the shares.
Bestseller releases revenue, income and store numbers on its website and reported sales of 37 billion Danish Krone ($5.2 billion) in the year to July 2023. It's valued using the average enterprise value-to-sales multiples of three public peer companies: H&M, American Eagle and Gap.
Bestseller controls a 50% stake in Chinese retailer Bestseller Fashion Group Co. The Tianjin, China-based company doesn't release financial information. Revenue is derived from its share of the Chinese apparel and footwear market, compiled by researcher Euromonitor. It's valued using the average enterprise value-to-sales multiple of two public peers: Bosideng and Shanghai Metersbonwe Fashion and Accessories Co.
Holch Povlsen owns 10% of Klarna, according to its 2022 corporate governance report. The closely held fintech company said in July 2022 that it had raised cash at a $6.7 billion valuation, according to a report. It had previously been valued at $45.6 billion in a June 2021 funding round. A December 2023 report said that another investor had recently valued the company at $7.85 billion and this amount is used here.
The billionaire also owns stakes in Zalando and Asos, according to stock exchange filings. The cost of these share purchases are included as a liability.
Jesper Stubkier, a spokesman for Bestseller, declined to comment on Holch Povlsen's net worth.
Anders Holch Povlsen was born in Ringkobing on the west coast of Denmark on Nov. 4, 1972, according to a profile on Zalando's website.
His father Troels bought his own clothes shop in the town by 1974, and a year later founded Bestseller with his wife, Merete Bech, in Brande, focusing the business on women's fashion. Children's clothing was introduced in 1986, and menswear two years later. The company agreed to establish a Chinese joint venture, Tianjin-based Bestseller Group in 1996, which operated 6,000-stores in the country by 2012.
His purchases of Scottish land have made him one of that country's largest private landowners, according to a June 2018 article by magazine Scottish Field.