In an effort to reduce complexity and increase its focus, Bonvita has undergone some organizational changes in the past year. The Danish company is the distributor of Merrell shoes in Denmark and Wolverine boots in the Nordic countries. It also own two local brands of men's comfort shoes, Ambré and Jacoform. The company's main business is the oldest brand of children's shoes designed in Denmark, Bundgaard, which is very successful, especially in small sizes. Its premium collection is made in Portugal, and other models in the Far East.
The organizational changes that Bonvita has gone through have been intended to increase synergies among the members of its personnel and to adopt a more digital approach. The company has hired Jesper Stilling Müller as chief digital officer to lead a digitalization process.
In sales, Glenn Rose has been replaced by Jakob Hyldig Johanssen, who is already handling the Wolverine brand. Stine Mogensen, who handled Danish customers for Bundgaard, has been replaced by Pia Rousing Jensen, who now covers the Nordic countries.
In a move to further lower fixed costs, Bonvita will outsource its logistics by the end of 2019, as export sales are growing. More and more shipments will be going directly to clients. The outsourcing process is expected to go well, as all the personnel that Bonvita has been employing in its logistics will be rehired by its third-party contractor, Ackro.
Bonvita's results have been far from satisfying over the recent years. On the other hand, the company's chief executive, Ulrik Schulz has become a shareholder, after the entire equity was transferred in 2015 to the holding company of its previous direct owner, Henrik Hammer.
High interest charges on the debt have had an impact on Bonvita's results. So its parent company, Pecunia Holding, has agreed to provide financial support with a loan to the extent necessary to finance the company's operations and to pay back creditors. Pecunia Holding is said to be a very healthy company.
Heavy investments in Bundgaard and adjustments to a very tough market have delayed the company's turnaround, but the management is now expecting a return to profits in 2020.