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Despite a slight dip in turnover, the Swedish fashion house more than doubled its net income, signalling strong operational resilience and margin optimisation.
Digital marketing
09 October, 2025
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In September 2024, Acne Studios released its annual financial report, offering a close look at the brand’s performance across key financial indicators. While revenues recorded a marginal decline of under 1% compared to the previous year, profitability surged to new heights. Net income more than doubled, surpassing SEK 230 million (€20,8 million), reflecting improved operational efficiency and cost management.
Read the full Acne Studios brand report Here.
The results underline Acne Studios’s ability to maintain revenue levels above SEK 2 billion (approximately €180,8 billion), despite global retail headwinds and a highly competitive luxury fashion landscape. The company’s balance sheet also showed increased total assets and stronger shareholder funds, reinforcing its financial stability going into 2025.
Acne Studios’s performance over the past four years reflects both consistent revenue growth and significant volatility in profitability. From 2021 to 2024, the brand achieved a compound annual growth rate (CAGR) of 8,6%, slightly above the luxury fashion market’s average of 6-7% (Bain & Company, 2024). Revenues remained above SEK 2 billion (≈ €195,7 billion exactly) for the second year in a row, with only a modest decline of 0,9% in 2024 compared to 2023. This was preceded by two years of strong double-digit gains, indicating that the 2024 dip represents more of a stabilisation than a structural slowdown.
Net income, however, told a different story. After peaking in 2021 at nearly SEK 365 million (≈ €33 million), it dropped sharply in 2022 and 2023 before rebounding in 2024, more than doubling year-on-year to reach SEK 234 million (≈ €21,27 million). This 135% surge highlights effective margin optimisation and cost control, even in the face of revenue plateauing. The profit margin improved to 13,2% in 2024, up from just 5,5% in 2023, underscoring the brand’s success in restoring profitability.
| Year | Operating Revenue (SEK million) | Δ YoY | Net Income (€ million, approx.) | Δ YoY |
|---|---|---|---|---|
| 2024 | 2.155,83 (≈ €195,73) | -0,9% | 234,28 (≈ €21,27) | +135,3% |
| 2023 | 2.176,24 (≈ €197,58) | +12,2% | 99,59 (≈ €9,04) | -67,3% |
| 2022 | 1.938,99 (≈ €176,04) | +15,1% | 304,11 (≈ €27,60) | -16,7% |
| 2021 | 1.685,38 (≈ €153,01) | +3,5% | 364,87 (≈ €33,13) | +206,5% |
This performance positions Acne Studios ahead of many independent peers in the contemporary luxury segment. For example, AMI Paris generated revenues of roughly €150-200 million in 2023/24, with slim profitability in the low single digits, while Sandro and Maje (within Groupe SMCP) together recorded revenues of about €1,2 billion in 2023 but with margins of only 4-5%. By contrast, Acne Studios’s profitability in 2024 climbed above 13%, underpinned by ≈ €21,27 million (SEK 234 million) in net income, making its recovery sharper than its peers’ softer rebounds.
When compared to larger conglomerates, Acne Studios also stands out for its profit surge. Prada SPA, for instance, grew revenues by approximately 5% in 2024 but faced rising cost pressures that weighed on margins, while Kering Group’s smaller maisons (excluding Gucci, Saint Laurent, Bottega Veneta) grew in the low single digits, often with margins below 10%. Acne Studios’s ability to restore double-digit margins despite flat revenues demonstrates how profitability can act as a key differentiator for brands of its scale.
Acne Studios has over 80 stores worldwide and a thriving e-commerce business operating in regions including the US, UK, Europe, China and APAC countries. With clear business goals centred around localising its merchandising strategy while driving expansion.
In September 2024, Acne Studios announced a partnership with Centric Software to adopt a merchandise and assortment planning system, aimed at refining its product offering by region. This initiative aims to optimise planning across stores and channels, tailoring assortments more precisely to local preferences. The move shows the company’s investment in localisation of inventory and more fine-grained channel management - across mono-brand retail, wholesale, and online. While the financial report does not provide numerical splits by region or channel, this development provides clear evidence of Acne Studios’s strategic focus on operational efficiency and alignment with consumer needs.
In March 2024, Acne Studios tapped the rookie K-pop group ILLIT. As of late 2024, the group had already reached around 11 million monthly listeners on Spotify and about 4,5 million Instagram followers. Their fast-rising popularity was mirrored in Google Search data: interest in ILLIT spiked globally in late March 2024, peaking at a score of 76 (relative to their usual average of 18). This surge aligned almost exactly with Acne Studios’s Spring/Summer campaign launch, amplifying the brand’s cultural resonance among Gen Z.
In November 2024, Acne Studios announced Charli XCX as the face of its SS25 campaign. With 31 million monthly Spotify listeners and 8,8 million Instagram followers, she brings established star power. Google Trends data shows that Charli XCX reached her peak search interest in July 2024 on Google search, coinciding with the release of her album Brat. Acne’s choice to collaborate shortly after this cultural high point demonstrates strategic timing, aligning the brand with her global visibility and artistic momentum.
Throughout 2024, Charli XCX consistently generated higher global search interest than ILLIT, reflecting her established fanbase and mainstream visibility. However, ILLIT experienced a pronounced surge in online searches during Acne Studios’s Spring/Summer campaign period, coinciding with their rapid international rise. This indicates that Acne effectively aligned its marketing with both a breakout cultural moment and a globally recognised name - positioning the brand at the intersection of emerging and established influence.
In April 2024, Acne Studios appointed Hendrik Bitterschulte as its new Chief Financial Officer (CFO), effective 2 May 2024. He joined from Montblanc, bringing extensive finance and operations expertise within the luxury sector. In addition, Brune Buonomano was appointed Global Chief Marketing Officer, effective 5 May 2025. Although this took place shortly after the close of FY 2024, the decision reflects forward-looking strategic planning and marks a significant step in strengthening Acne Studios’s global marketing capabilities.
Alongside these appointments, Acne Studios expanded its workplace and organisational development initiatives. The Leadership Lab was launched in 2024 to foster values-driven leadership across the company, while its global apprenticeship programme grew to provide six-month mentorship opportunities in design and product development, underlining the brand’s investment in nurturing creative talent pipelines.
The company also reinforced its cultural visibility through sustainable event practices: for its SS24 and FW24 runway shows, Acne Studios partnered with Bureau Betak (also B Corp certified) to ensure sustainable set-design, with approximately 90% of materials reused or recycled. This not only advanced circularity goals but also strengthened the brand’s positioning at Paris Fashion Week.
According to the Sustainability Progress Report FY 2023/2024, Acne Studios obtained its B Corporation certification in October 2024, formalising its commitments to verified social, environmental, and governance practices. This milestone increases transparency and places the brand under rigorous external standards of accountability.
The report also highlights significant environmental progress. Acne Studios achieved a 15% reduction in total annual greenhouse gas emissions compared to FY 2022/2023, and a 4% reduction versus its FY 2020/2021 base year. Scope 1 and 2 emissions decreased by 71% since baseline, supported by greater use of renewable energy across operations.
Beyond emissions, the brand advanced its circularity agenda, ensuring that 54% of its paper packaging was produced from recycled content and piloting the reuse of returned e-commerce boxes. On the product side, Acne Studios expanded the share of preferred raw materials such as organic cotton and welfare-certified wool, while improving traceability across its supplier network.
By 2024, 70% of Acne Studios’s collection was produced with preferred raw materials, such as 85% organic cotton and 78% RWS-certified wool. The company launched its new “preferred+” strategy to incorporate regenerative farming fibres and advanced recycling methods. At least 43% of the collection was assessed as recyclable into new fibres, aligning with circular design principles.
Traceability improved across the supply chain, with Acne Studios achieving 100% traceability at Tier 1 suppliers, 91% at Tier 2, and verified country of origin for 67% of Tier 4 raw materials. In terms of social responsibility, 35% of orders were placed with suppliers ranked high on sustainability performance, while 68% of production was carried out at factories paying above living wages or under collective bargaining agreements.
Acne Studios closed FY 2024 with a strategically positive outcome. Revenues held above SEK 2 billion (≈ €195,7 million) with only a modest decline of 0,9% year-on-year, while net income more than doubled to SEK 234 million (≈ €21,27 million), highlighting successful margin optimisation. Over the 2021-2024 period, the brand delivered a CAGR of 8,6%, outperforming the industry average and underlining its resilience as an independent contemporary luxury house.
According to its September 2024 partnership announcement with Centric Software, Acne Studios operates more than 80 stores worldwide, spanning Europe, North America, China and the wider Asia-Pacific region. The adoption of advanced merchandise and assortment planning tools reflects a clear commitment to localisation and channel optimisation, reinforcing its global retail strategy.
Sustainability achievements were central to 2024, with B Corp certification, a 15% year-on-year reduction in greenhouse gas emissions, 70% of collections made from preferred raw materials, and full Tier 1 supplier traceability. Internal initiatives such as the Leadership Lab and an expanded apprenticeship scheme further demonstrated investment in long-term cultural and organisational strength.
Looking ahead, Acne Studios is positioned to build on its profitability rebound by scaling high-margin categories, strengthening direct-to-consumer channels, and advancing its presence in key global markets. With profitability restored, cultural visibility enhanced, and a sustainability roadmap aligned with forthcoming EU regulations, the brand enters 2025 prepared to sustain momentum despite a more challenging luxury landscape.
Cover Image: Grazia
Read the full Acne Studios brand report Here.
Interested in financial insights from other top luxury brands?
Read the Jacquemus 2024-2025 Financial Report here.
Rick Owens 2024 Financial Performance here,
Miu Miu 2024 Financial Report here, and
Find more financial analysis here.
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