The company was founded in 2017 by former Olympic track and field athlete Peter Häggström Lindecrantz. The brand has positioned itself with premium sportswear and has previously attracted capital from, among others, venture capital firm Wellstreet and runner Mustafa Mohamed.
According to the annual report for the broken financial year 2024-09-01 to 2025-08-31, the company's net sales decreased to SEK 9.7 million, compared to SEK 10.8 million the previous year. Operating profit amounted to SEK -3 million.
The weak sales development during the financial year prompted the board to prepare a solvency balance sheet on July 31, 2025. This showed that the equity was intact and that no critical capital shortage existed at that time. A new issue was also carried out that same spring, which brought in SEK 1.1 million in new equity.
Rapid Shift from "Comeback" to Bankruptcy
The bankruptcy decision comes shortly after the company expressed a more positive view of its financial position. In mid-April 2026, the founder and CEO Peter Häggström Lindecrantz stated in an interview that the company had left the difficult past year behind it. The high costs were then explained by large investments in branding, product development and international expansion, as well as challenges with changes of warehouse.
Despite the challenges, the CEO stated that sales had turned around during the current financial year and that they were beginning to see results from the investments.
This financial year, we are focusing on achieving profitability, and so far we are profitable. We clearly notice the effects of our previous investments in the brand. Now we have made a comeback, said Peter Häggström Lindecrantz to Breakit in April.
When directly asked if the company needed external capital in the near future, this was dismissed.
As things look now, we are not in any acute crisis and we are moving towards profitability, he explained.