The Swedish footwear brand Morjas & Co AB, founded by CEO Henrik Berg, has submitted its annual report for the 2025 financial year. This also marks the first time the company is presenting a consolidated group report including its US operations.
The group's net sales amounted to SEK 93.2 million during the year, representing a growth of 24 percent compared to SEK 75.1 million in 2024. The company, which sells its shoes and accessories through its own e-commerce platform, physical store and retailers, has thus continued its expansion since a few years ago it surpassed SEK 50 million in sales and raised new capital for continued growth.
Tariffs impacted the US
Morjas has had a clear international focus since its inception and early on focused on global sales with the US as a key market. Sales outside of Europe, where the US accounts for the majority, amounted to SEK 39.1 million of turnover in 2025, while the rest of Europe accounted for SEK 33 million and Sweden for SEK 21.1 million.
To manage the North American market, the company has now established a local structure, while external factors have presented certain challenges during the year. In the management report, the company comments on the development:
The subsidiary registered in the US at the end of 2024, Morjas, Inc., has been active as a sales organization in the US for the parent company since January 2025.
Regarding the overall sales development and market situation, management writes further in the report:
During the 2025 financial year, the company showed continued strong sales growth, despite a continued challenging macroeconomic climate with significant currency headwinds. Growth remained good in all major markets, slightly lower in the US during the second half of the year where tariffs and currency affected both growth and profitability negatively.
Morjas' situation in the US market closely resembles the development described by another Swedish DTC brand, Macade Golf, in its recent annual report earlier today. Both companies have grown rapidly with the US as their largest market and are now presenting their very first group reports, while also having to manage significant tariffs and currency fluctuations by building up their own US corporate and logistics structures.
Investments in the first women's collection
On the income statement, the group reports an operating loss of SEK -3.3 million, compared to SEK -3.6 million the previous year. Operating profit before depreciation also improved to SEK -600,000, up from SEK -1.7 million in 2024.
The fact that the result is still negative is mainly explained by strategic investments during the year, where the launch of an entirely new product segment has required resources. The company describes the investment in the management report:
The company has launched its first women's collection, which has involved significant investments in product development, development of the e-commerce platform and its content, brand development and marketing measures that have both driven investments and increased one-time operating costs.
According to Morjas, the expanded range has been well received by customers. The company highlights in the report that a number of new products for both women and men have been launched during the year and that many of these are now becoming a permanent part of the collection to contribute to future growth.
Aims for profit in 2026
Adjusted for this year's one-time investments and currency effects, the business reached a new milestone in 2025. Management points out that the underlying business has been strengthened as sales volumes have grown:
The operating margin has continued to improve compared to the previous year thanks to larger volumes, strengthened gross margins and continued strong cost control. Adjusted for one-time items and exchange rate losses, the company reported positive EBITDA for the first year since its inception.
For the current year 2026, the focus is on driving sales in both its own channels and through external retailers. The goal is to turn the figures into a positive result for the full year. The company summarizes its future outlook in the annual report:
The company is optimistic about 2026 with hope for a stronger economic climate and macroeconomic stability, but with caution regarding the uncertainties that still prevail. The company continues to see strong demand from retailers and will continue to drive development in that channel alongside its own channels, with the aim of achieving a positive result in 2026.