On Friday, the e-commerce group Vetted Assets presented its interim report for the third quarter of 2026. The group is undergoing a transformation and is now showing the effects of the strategic shift that began earlier this year. In the spring, what was previously Refine Group changed its name to Vetted Assets, while prominent industry figures such as Jarno Vanhatapio and Juri Gendelman joined to build a new group aiming for billion-kronor turnover.
The strategy is based on acquiring and scaling founder-led DTC brands with global potential. In the third quarter, the group's net sales increased by approximately 155 percent to SEK 71 million, compared to SEK 27.8 million in the same period last year. Organic growth amounted to 57 percent and the gross margin strengthened to 66 percent, up from 41.7 percent the previous year.
Much of the work has been focused on preparing the companies for the fourth quarter, our most important sales period with Black Friday and Christmas shopping. We are now entering that period with Criss Bellini as part of the group since October 1st. We now have two holdings that match the new direction for Vetted Assets, and we will continue to build by acquiring more companies with high gross margins and globally scalable brands," says Ludvig Neset, CEO of Vetted Assets, in the report.
Andy okay grows in the USA
A significant part of the group's growth comes from the art and e-commerce company Andy okay. The company, which originally built its business on an unusual pricing model where the customer partially chose the price themselves, became Vetted Assets first major acquisition within the framework of the new strategy.
During the third quarter, Andy okay generated sales of SEK 44.1 million with profitability, which corresponds to a growth of 155 percent compared to the same period last year. According to the report, the growth rate has also accelerated into the fourth quarter with preliminary sales of SEK 17.1 million in October, an increase of 249 percent compared to October 2025.
Andy okay continues to impress me. During the quarter, sales increased by approximately 155 percent to SEK 44.1 million. The company has built an international brand with a small organization where the USA and Great Britain are the largest markets. We continue to work on increasing sales and use AI and automation to be able to handle larger volumes," notes Ludvig Neset.
Currently, the USA accounts for the majority of the subsidiary's sales, but going forward, the group plans to further broaden its geographical presence.
Approximately 62 percent of Andy okay's sales come from the USA, where we have a lot of market share left to win. In 2027, we will put even more focus on Europe. Our financial goals for Andy okay remain unchanged: a turnover of SEK 500 to 750 million and an EBITDA margin of 10 to 20 percent in the long term (five to seven years), says Ludvig Neset.
Criss Bellini consolidated in the fourth quarter
In addition to Andy okay, Vetted Assets completed its second acquisition within the art segment during the autumn. It was in the summer that Ehandel.se reported that the group is acquiring 70 percent of Criss Bellini, an e-commerce company that sells own-designed art globally and which generated sales of SEK 23.9 million in 2025 with an operating margin of 35.5 percent. The closing took place on October 1st and the company is therefore consolidated in the group's accounts from the fourth quarter.
The fact that the founder of Criss Bellini chose us as a partner means a lot. He has previously declined other requests and our experience in building and developing e-commerce companies was an important part of his decision. Now we will take care of that trust and continue to develop Criss Bellini together with him," says Ludvig Neset.
At the group level, adjusted EBITDA for the third quarter landed at SEK -0.2 million, an improvement from SEK -0.9 million last year. For the first nine months of the year, sales amount to SEK 172.5 million with a positive adjusted EBITDA result of SEK 0.9 million.
During the quarter, Vetted Assets also carried out a preferential rights issue which was subscribed to by 149 percent and added SEK 22.4 million to the company before issue costs. At the end of the quarter, cash amounted to SEK 42 million. The group's long-term financial goal for 2030 is to reach a turnover of between SEK 1.2 and 1.4 billion with an adjusted EBITDA margin of 7 to 10 percent.