Ganni chased 'progressive luxury' — and lost DKK 100M and China in a year

Ganni, the Copenhagen label founded in 2000 and run since 2009 by Nicolaj and Ditte Reffstrup, built its name on playful, accessible contemporary fashion. In 2024 the owners brought in Laura du Rusquec — fifteen years at Kering, most recently deputy CEO at Balenciaga — as CEO, and she pushed the brand toward what she called 'progressive luxury': higher quality, higher prices, a move from Copenhagen Fashion Week to Paris in September 2024. T-shirts that cost £115–£195 in 2024 ran to £110–£310 by 2026; the most expensive dress reached £940.

The annual report for 2025, published around 3 July 2026, priced the bet. Revenue fell from DKK 901.9 million to DKK 842.8 million, and the bottom line swung from a DKK 47.5 million profit to a DKK 49.3 million loss — a deterioration of almost DKK 100 million in a single year, against guidance for a DKK 35–55 million profit. Management called the result unsatisfactory, and the report carried a structural decision: closing every Ganni store in China, after harsh market conditions cut both store traffic and wholesale demand.

The reckoning reached the top before the next financial year began. Du Rusquec stepped down in April 2026 after two years, her departure confirmed by email with no public announcement; retail executive Hans Hoegstedt was named interim CEO. The workforce had already shrunk from 605 people in March 2025 to 453 a year later.

The market mechanics underneath are the uncomfortable part. The core millennial customer was squeezed by the cost of living and did not follow the prices up, while Gen Z treats mid-tier luxury as less desirable; competitors like Reformation and Damson Madder absorbed Ganni's old accessible audience. The brand was left surveying customers at a 15% discount to ask what happened to being fun.