Les Deux Delivers Double-digit Growth Amid Physical Retail Push

PARIS — Danish menswear brand Les Deux continued its long-running growth streak in 2025, reporting a 13 percent increase in revenue year-over-year.

The company posted gross profit of 16 million euros, up from 13.9 million euros the previous year, with profit before tax reaching 8.68 million euros, in numbers released Friday by the privately held company.

The results follow several years of rapid geographic expansion, with Les Deux now focusing on consolidating its presence in existing markets and tightening operational control.

“It shows more organic growth,” CEO Kristoffer Haapanen said in an interview. “It’s more consolidated in the markets [we have already entered], such as North America, Europe, becoming stronger. That’s where we see the growth coming from.”

That marks a change from 2024, when growth was largely driven by entering new markets and expanding wholesale distribution.

In 2025, the brand has concentrated on deepening its footprint across Europe and in the U.S., prioritizing markets where the brand has already established local teams.

That double-digit growth has also held steady through the first quarter of 2026, Haapanen said.

Rather than adding new countries, Les Deux has focused on strengthening its distribution network within existing ones.

In France, where the brand opened a stand-alone flagship in 2025, the company will now expand beyond Paris. It will enter Hors Série in Rouen later this year, with outposts in Lyon, Marseille, Nice and Strasbourg to follow for a total of 15 doors in the country. Haapanen said the aim is to ensure local access and community building across regions.

“We have quite a big local store focus at the moment, and so we’re still adding stores, but in the same countries that we already operate in, so not adding a lot of complexity,” he said.

“With the times being what they are — uncertain — for us that’s a wise decision, because then we have the operation in place, so there’s not a lot of adjustment that has to be done.”

With local teams now on the ground in each market, the company is strengthening its wholesale relationships. “Which leads to us becoming an even more close partner in these countries, with retailers.”

Wholesale remains the backbone of the business, accounting for approximately 88 percent of total sales. However, Les Deux has strengthened its brand building and storytelling in the multibrand retail and department store environments, so that it resembles their stand-alone stores.

“You will actually experience it as going into a Les Deux store,” Haapanen said, describing the brand’s approach to developing its aesthetic.

That strategy has supported growth with major retail partners including Selfridges in the U.K., which came on board in 2025, and Nordstrom in the U.S. In France, the brand is in Galeries Lafayette and Printemps.

Overall, the brand added more than 250 new wholesale customers over the past year, while also benefiting from stronger sell-through in existing doors.

Geographically, France and Germany are currently among the company’s strongest growth markets, while the brand has “peaked” in its home region of Scandinavia, and is only “fine tuning” its approach there.

The U.S. is emerging as a key region driving sales. Having entered the market in 2024, Les Deux has scaled quickly, reporting growth rates of around 200 percent, albeit from a low base, Haapanen said.

Distribution in the U.S. is almost “horseshoe” shaped, he said, concentrated along the coasts, supported by a mix of department store partnerships and indie retailers.

The company has expanded its presence with Nordstrom from three doors initially to 25 locations by the end of this year, with further growth planned.

“Nordstrom is a massive partner for us and also really supportive and making sure that they spread the word about Les Deux, and that’s been a helping hand,” he said. “They’ve been a big part of [our growth in the U.S.].”

The U.S.’ ever-changing tariff policy “is not making our lives easier,” he said, but added that while it has added complexity it has not slowed growth there.

The brand strongly believes in physical DTC retail, as evidenced by the opening of their Paris flagship last year. Sales have been “strong” at the store, reflecting both a mix of local customers and tourists, he said, citing American as well as Scandi visitors that are intrigued to see a homegrown brand with new, more mature positioning in Paris.

While e-commerce accounts for roughly half of total sales, the company is increasing its investment in physical retail, with initiatives such as in-store activations, events and product assortments tailored specifically for brick-and-mortar.

Haapanen firmly believes in IRL interaction.

“As we have a tendency to move everything we do online, and there’s a lot of focus now moving towards offline,” he said, noting the importance of customers being able to discover and touch product. “When there’s a pull, there’s also a counterpull, and I think there’s an interesting counterpull right now making sure that we need to support local retailers if we want to keep them, and I sincerely do.”

That’s including the creation of exclusive “offline” products, alongside events designed to drive footfall. The location-specific and unique items, such as branded basketballs, have proven particularly successful and are among the brand’s bestsellers.

On the product mix, the hybrid jacket-type “overshirt” is a big seller, while its largest category remains pants. Of that, denim has been a “massive mover” and the fastest growing piece of the category pie, up 88 percent year-over-year. As fashion silhouettes get looser, slim-fit pants “have been struggling,” he added.

The brand — which hit it big with collegiate collabs early on — has two big launches in the pipeline for 2026. The first will debut in May, while the second will come out in November. The company has large activations planned around the launches, particularly “really cool” events in Paris.

Looking ahead, the company expects to maintain its double-digit growth in 2026. Plans for additional stand-alone retail stores in cities such as New York and London remain under consideration, though Haapanen added that the company would want to increase brand awareness in those markets before opening a flagship.

“Outside of Scandinavia, there’s still a lot of room to grow,” he said. “We’re still a small brand in the global scheme of things. When we started out and sold the first T-shirt, I said that I wanted to become as big as Ralph Lauren. So if you look at it with that, there’s still so much potential.”