CCC X Boozt Invitational Case 2024

CCC X BOOZT INVITATIONAL CASE
Contents
Section 1 Section 3
Setting the Stage.........................................................................3 Industry Insights.......................................................................30
Letter from the CEO.....................................................................4 General Market Outlook............................................................31
Emerging Trends........................................................................33
Price sensitivity.........................................................................33
Online one-stop-shop convenience.........................................33
Section 2 Legal Considerations.................................................................34
Boozt in brief...............................................................................5
History and Timeline...................................................................6
Strategy: Become the leading Nordic Department Store .........7 Section 4
Boozt’s Business model..............................................................8
Revenue streams from Core Business.......................................9 Closing Remarks........................................................................35
Group Management and Organization.....................................10 Acknowledgements..................................................................36
Deep dive into Value Creation ..................................................11 Appendix....................................................................................37
Core Competencies...................................................................17 Financial Performance..............................................................38
Strong brand universe...............................................................19 Competition...............................................................................42
Own-built tech platform...........................................................20
Europe’s largest Autostore Installation...................................21
Care-For Strategy......................................................................22
The Boozt Customer..................................................................23
Customer Segments..................................................................24
Club Boozt.................................................................................26
Shopping Behavior....................................................................27
Leveraging customer Trace.......................................................29
CBS CASE COMPETITION INVITATIONAL 2024
Setting the Stage
BOOZ T GROUP
Over the last decade, the online retail industry has
undergone rapid growth, shaped by new customer
trends and technological advancements. As consumers
increasingly turn to digital platforms for their shopping
needs, the intersection of technology and commerce has
become a defining feature of the market. At the forefront
of this transformation is Boozt, a Nordic technology
company that is redefining the essence of online retailing.
As the lines between online and offline experiences blur,

Boozt recognizes the importance of integrating technology
C C C X B O O Z T I N V I TAT IO N A L C A S E
seamlessly into the customer journey. In a world
where data takes precedence, Boozt employs robust
technological infrastructure not only to meet current
customer needs but also to foresee and influence future
trends. The convergence of cutting-edge technology and
online retailing is not just a strategy for Boozt; it is the very
core of its identity.
The idea of becoming a Nordic Department Store has

transformed Boozt's strategic outlook. Going beyond just
consolidating products, Boozt sees itself as the ultimate
one-stop shopping destination, now covering Fashion,
Kids, Sport, Beauty, and Home. However, the journey
towards becoming the Nordic Department Store of choice
is not without its challenges. Boozt acknowledges the
need to navigate the evolving landscape of customer
behaviors, limited pre-initial contact data, and the
imperative to stay at the forefront of emerging tech trends.
The case of Boozt unfolds against this backdrop, exploring
how a tech-driven Nordic Department Store can overcome
challenges, tap into latent opportunities, and pioneer the
PA G E – 3
future of online retail in 2024.
Letter from the CEO
BOOZ T GROUP
Dear case participants,
This leads us to the question
I am happy to announce Boozt as the case company for we have for you today:
the 2024 Invitational CBS Case Competition.
How can Boozt increase customer loyalty, growth,
In an era where digital innovation is not just an aspiration and ultimately profitability within its Nordic
but a necessity, Boozt stands at the forefront of a trans- department store model to grow revenue by 40%
formative journey. As we navigate through the complex- before 2027?
ities of the modern world, our commitment to leveraging
technology in the retail industry has never been stronger. 1. What untapped opportunities can Boozt leverage
We have the opportunity, and are determined to become to strengthen its Nordic Department Store Business
the leading Nordic department store in a digital age. model?
Technology as Our Catalyst 2. How can your solution increase cross-category

At Boozt, we recognize the unparalleled potential of purchases and move customers to higher value
technology to drive efficiency, enhance customer experi- segments making the use of Boozt.com a habit
ences, and foster sustainable practices. From AI-powered for the customer?
personalization to advanced logistics algorithms, our tech
initiatives are designed not just to meet the current needs 3. How can Boozt practically leverage new sources of
of our consumers but to anticipate upcoming trends, data of the customer before their initial purchase?
ensuring that we remain at the industry's vanguard.
Fostering Customer Loyalty

The journey towards becoming the leading Nordic Depart- Together, let's shape the future of retail.
ment Store is not without challenges. The retail landscape
is in a state of rapid evolution, heavily influenced by chang- Best of luck,
ing consumer behaviors and preferences. In an industry Hermann Haraldsson,
characterized by low per-order earnings, the importance Co-founder & CEO
of building and maintaining customer loyalty cannot be
overstated. We recognize that every interaction with our
customers is an opportunity to reinforce their trust and
loyalty in our brand.
PA G E – 4
Boozt in Brief
BOOZ T GROUP
+3.5 million +7.7 million
Boozt offers a selection of products relevant to a variety of Number of active customers: Number of orders:
lifestyles through their multi-brand websites, Boozt.com
and Booztlet.com. Boozt succeeds in its selection of
brands and with its persistent commitment to customer
satisfaction. Utilizing their own-built and tailor-made tech
4.5 14
infrastructure, Boozt possesses a comprehensive and Trustpilot score: Number of markets:
efficient data infrastructure, forming the foundation of its
know-how and competitive edge in the market.
Their vision is to become the leading Nordic Department
+1,200
Store, which entails being the preferred online destination Number of employees:
for shopping Fashion, Kids, Sport, Beauty and Home.
The expertise in data management empowers Boozt to
stay agile and responsive to market trends, ensuring that
the product selection resonates with the ever-evolving
preferences of its customer base.
With a team of over 1,200 employees from more than 60

nationalities Boozt has built the organization to scale for
the future. Boozt has experienced rapid growth, achieving
SEK 7.755 billion in revenue in 2023 and cultivating a
base of over 3 million active customers on Boozt.com.
The collective efforts aim to position Boozt as the premier
destination for online shopping in the Nordics, delivering
unrivaled customer service and solidifying its status as an
e-commerce leader.
PA G E – 5
History and Timeline
BOOZ T GROUP
The establishment of the Boozt Group dates back to 2007, laying the groundwork for its current business model.
This is the story of how a small fashion start-up grew to be a leading e-commerce company in the Nordics.
2010 2014 2017 2022

Finish conceptualization Boozt shifts from fast • Establishment of • During 2022 the tech-hub in
of the name "Boozt" to fashion to premium the Boozt-Fulfillment- Lithuania continued to grow in
highlight the potential brands, attracting many Centre (BFC). importance and the team now
for boosting brand sales strong brands to enhance • Listing of Boozt's consists of around 50 developers.
through online platforms. the product offering. shares on Nasdaq • Added more that 500,000 bins
OMX Stockholm. and approx. 500 robots to the
automation of the Autostore
warehouse, effectively increasing
the capacity by more than 50%.
2007 2011 2015 2021 2023

Formation of BZT CEO Hermann BZT Fashion upgrades • BooztPay is launched providing Launched Club
Fashion AB with Haraldsson is recruited its name to Boozt post-purchase payment options like Boozt, surpassing
the initial focus on to implement a new Fashion, Launch of buy-now-pay-later or invoicing across 1 million club
outsourced, online strategy, transitioning Booztlet.com, and the Boozt online universe. members 230
mono-brand fashion to an in-house multi- opening of a physical • Nordic Brand Hub was established, days later.
operations. brand webstore. outlet store in with the aim of utilising Boozt’s data
Copenhagen. and core competencies to add value
to attractively positioned brands. An
example of this was the acquisition of
the Danish brand Rosemunde, along
with other brands like Svea and Enkel
Studio.
• The acquisition of technology partner
Estina containing a team of 30
developers strengthened the in-house
technology capabilities.
PA G E – 6
Strategy: Become the leading
BOOZ T GROUP
Nordic Department Store
Boozt's strategy is to become the leading Nordic While pursuing expansion into new geographic markets,
department store, offering the preferred destination for Boozt is also highly focused on strengthening its presence
shopping Fashion, Kids, Sport, Beauty and Home online in within the Nordic region. This strategic approach enables
the Nordics. Through strong partnerships with both local Boozt.com to capitalize on the burgeoning online
Nordic and international brands, Boozt.com delivers a fashion market in the Nordic region while maintaining its
unique blend of established favorites and emerging labels distinctive market position, characterized by a thoughtfully
that resonate with the distinct tastes of Nordic consumers. curated fashion selection tailored specifically to Nordic
By continuously developing their own-built advanced tech preferences.
platform Boozt enhances the online shopping journey with
personalized services and a user-friendly platform, aiming
to exceed customer expectations and foster loyalty.
Boozt.com is dedicated to providing a curated selection

of over 700 mid- to premium fashion and lifestyle brands,
in addition to approximately 250 Home brands and 260
beauty brands. Renowned for its industry-leading delivery
times, Boozt.com ensures swift and efficient service for its
customers.
PA G E – 7
Boozt’s Business model B O OZ T.C O M

IN S E A S O N
Mid-to-premium fashion and lifestyle
BOOZ T GROUP
for the Nordic customer.
Core business into a distinct business unit, expanding its inventory.

O FFP R IC E
Targeting price-conscious consumers and bargain hunters,
B O OZ T L E T.C O M Prior season stock from brands and
Aligned with the value chain of the e-commerce sector, Booztlet.com charges for deliveries and returns, offsetting
Boozt.com.
Boozt's business model revolves around its online operational costs with attractive discounts. It acts as a
retail platform, Boozt.com, and its outlet counterpart, safeguard during economic uncertainty when customer
Booztlet.com. Complementing these segments are spending decreases and responsibly manages unsold L AST RESORT OUTLET
physical retail stores, namely Beauty by Boozt and items from Boozt.com. B O OZ T L E T Items that did not sell online or goods
Booztlet retail outlets. P H YS IC A L S TO R E
with minor defects.
Value-add
Boozt.com
The online retail platform, Boozt.com, functions as a Boozt Media Partnership VA LU E O F B OT H B US IN E S S – S EG M E N T S , S TO C K A N D M A R K E T D E V E LO P M E N T
destination offering a convenient and careful selection Boozt’s own-built and tailor-made tech infrastructure Strong value proposition ‘the Nordic Department Store’ and ‘Nordic Outlet’
of around 1,300 brands spanning diverse categories. enables the formation of valuable partnerships. Through
Targeted towards the mid-to-premium segment of the Boozt Media Partnerships, Boozt employs their online-first
Nordic market, Boozt.com places a strong emphasis on approach, in-dept knowledge and robust tech capabilities B O OZ T
further cultivating a premium brand image. A central by supplying advanced advertising solutions for brands to
objective is to provide brand partners with a valuable effectively reach and engage borh existing customers and B O OZ T L E T
platform to establish and enhance their presence among new target groups.
consumers.
BooztPay
Customers: 74% 12% 14%
Supplementing the online presence, Boozt.com extends Launched in 2021 on Boozt.com, BooztPay now provides
into the physical retail universe with Beauty by Boozt, post-purchase payment options like buy-now-pay-later or Net revenue: 67% 26% 7%
situated in Malmö, Sweden. This physical store plays a invoicing across the Boozt online universe.
crucial role in strengthening relationships with beauty
brands, contributing significantly to a robust online Nordic Brand Hub
offering on Boozt.com. The strategic integration of both Established in 2021, Nordic Brand Hub utilizes Boozt’s
online and physical platforms aims to augment customer data and core competencies to add value to attractively
experiences and elevate brand visibility. positioned brands. Consequently, through the acquisition
of other Nordic brands, Boozt aims to strengthen growth
Booztlet and earnings, while gaining valuable skills in sourcing and
Launched in 2015 as the Group's inventory clearance production. P E R AC T I V E C US TO M E R: 1,990 4,650 1,120
channel, Booztlet.com initially sold items not sold within SEK excl. VAT
PA G E – 8
a given timeframe on Boozt.com. In 2021, it evolved
Source: Boozt Capital Markets day March 2023
Revenue streams from Core Business S A L E S B R E A K D OW N , DI V I S IO N S
BOOZ T GROUP
Booztlet.com
Boozt operates in the B2C space, catering to a diverse customer base across 14 markets including Denmark, Sweden, 7%
Norway, Finland, Netherlands, Germany, Austria, France, Poland, Iceland, Estonia, Latvia, Lithuania.
Total The Nordics
+8%
+8%
2,708,000
2,429,000 Boozt.com
93%
+7% +1%
829,000 677,000
Boozt.com Booztlet.com Boozt.com Booztlet.com S A L E S B R E A K D OW N , G EO G R A P HIC A L A R E A S
Rest of
Europe 5%
Rest of Europe The Baltics

Sweden
+44% 37%
+0%
69,000
210,000 +42%
145,000 Rest of the

+40% Nordics 58%
Boozt.com Booztlet.com Boozt.com Booztlet.com
PA G E – 9
Source: Danske Bank Equity Research Q4 23 results due 8 February, 08:00 CET
Group Management and Organization
BOOZ T GROUP
Boozt has offices located in Sweden, Denmark, Lithuania, and Poland. You find the headquarters in
Malmö, Sweden, where the majority of Boozters are gathered. Beyond that, Boozt has an Innovation
Lab in the heart of Copenhagen, a data science team in Aarhus, Denmark, two tech offices in Vilnius,
Lithuania and in Poznan, Poland and a fully automated warehouse in Ängelholm.
The Group CEO leads the Group Management team, overseeing the Chief Financial Officer (CFO),
Chief Commercial Officer (CCO), Chief Technical Officer (CTO), Chief Purchasing Officer (CPO),
Chief Human Resources Officer (CHRO), and Chief Supply Chain Officer (CSCO).
Technology A/S, Aarhus
Fulfilment Centre, Ängelholm
HERMANN HARALDSSON PETER G. JØRGENSEN JESPER BRØNDUM Headquarters, Malmö

Innovation Lab, Copenhagen
CO-FOUNDER & GROUP CEO CO-FOUNDER & GROUP CCO CO-FOUNDER & GROUP CTO
Technology Baltics, Vilnius
Developer Team, Poznan
SANDRA GADD MADS BRUUN FAMME SANDRA JOY SAHLERTZ RONNI FUNCH OLSEN
GROUP CFO GROUP CPO GROUP CHRO GROUP CSCO
PA G E – 1 0
Deep Dive into Value Creation
BOOZ T GROUP
Cross-category sales Increasing number of customers making purchases across
multiple product categories reflects customer approval
Rooted in the vision of becoming the Nordic of the digital department store strategy. This, in turn,
Department Store. contributes to the rise in Average Order Value (AOV),
positively impacting Boozt's order economics.
The value of cross-category sales is crucial for the
success of the Nordic Department Store model. Cross- Moreover, this diversification strategy has contributed to
category sales refers to purchases made with products a notable reduction in the returns of products over recent
from multiple of Boozt’s product categories. Some of years as we sell more low return products. This positively
the most purchased items in e.g. fashion might have impacts profitability as the items are now in the custody
a low contribution margin. By selling multiple product of Boozt for longer where Boozt can sell the product
categories, the avg. contribution margin will generally to other customers. This is especially important if the
increase because of lower product returns, making the products are seasonal or trend specific. It also improves
purchase more profitable per SEK and with higher avg. the environmental sustainability as items are not shipped
order value. Hence, the central focus for Boozt revolves multiple times.
around strategically directing customers through diverse
category purchases, aiming to enhance their overall Multi-category buyers emerge as the most profitable
shopping experience while concurrently optimizing segment, driving increased revenue through repeated and
Boozt's profitability and revenue. diversified purchases across various categories. This is
why the potential for upselling within the existing customer
Boozt has seen an increase in multi category buyers, base and reaching new multi-category buyers remains key
which is led by their expansive offering in synergy focal points for the company's growth strategy.
categories and products. Senergy categories and products
are related thematically or otherwise, and therefore are Not only will a multi-category buyer purchase more from
more likely to be purchased together. By offering many Boozt because they are buying from other categories,
synergetic items, the customer is more likely to become a they will also buy more from the category they initially
cross-category buyer. purchased. A customer purchasing for around 1000 SEK
as a single-category buyer, will 7x the spend in the original
category, and 20x the total spend, as a multi-category
buyer across all categories.
PA G E – 1 1
BOOZ T GROUP
S T RO N G G ROW T H IN M U LT I C AT EG O RY B U Y E R S
+42.6%
+31.3%
+24.7%
+18.6%
+15.1%
+11.9%
Customers moving from buying from only one department to multiple -

welcoming over 170,000 multi buyers in 2022
-8.5%
1 dept 2 dept 3 dept 4 dept 5 dept 6 dept 7 dept
PA G E – 1 2
Source: YER 2023 slides.
BOOZ T GROUP
E N O R M O US U P S ID E IN S HIF T IN G C US TO M E R S TO B U Y FRO M M O R E C AT EG O R IE S C US TO M E R “ S U RV I VA L” R AT E *
Share of active customers shopping from 1 to 6 different product categories* (Possibility that customer will buy again within 12 months)
96%
91%
82%
+2%
69%
52.0%
50%
49.5%
FY 2023 32%
FY 2022
Relative increase in
number of customers 1 2 3 4 5 6
# of number of categories
+15%
28.3% AV E R AG E N E T C US TO M E R VA LU E (S E K )*
26.6%
16,500
+9%
9,000
12.0%
11.8%
+11%
6,000
+18%
6.1% +29% 3,500
5.9%
3.0% 2,000
2.7% 1,000
1.2% 1.0%
1 2 3 4 5 6 1 2 3 4 5 6
# of number of categories # of number of categories
* Numbers are based on Boozt.com only
PA G E – 1 3
BOOZ T GROUP
‘ T H E- P OW E R- C O M B O ’
Nordic Department Store customers – multi buyers
Added department value

LTM 12 month (SEK)
2,110
634
1,868
613
1,146
1,043
755
Sport Women + s Men + s
Single dept Extra revenue Sport in combo
PA G E – 1 4
Moving customers through
BOOZ T GROUP
the Nordic Department Store
Net revenue last
twelve months (SEK)
~20,000
(ALL CATEGORIES)
Net revenue last

MENS KIDS
twelve months (SEK)
~1,000 ~7,000
(Women) (WOMEN)
OUTLET SPORTS
HOME BEAUTY
Single category customer Nordic department store customer

# Categories (shopping across all categories)
PA G E – 1 5
Building ‘awareness, category trials
BOOZ T GROUP
and multi buyers’ for the NDS
C AT EG O RY AWA R E N E S S B O OZ T
(% share of population) Fashion, Kids, Sport, Beauty, Home
TA R G E T Z O N E
H O US E H O L D B R A N D
90% 80-90% knowing Boozt
Having bought +1 within FKSPH
Penetration supercharge
70%
D E S T IN AT IO N
WOMENS
MENS
50%
M AT U R IN G
30% TRIAL KIDS

SPORTS
Customers moving from buying from

10% BEAUTY only one department, to several
HOME
Nordic department store customer
(# shopping in categories)
0.5 mio. 1 mio. 1.3 mio. 1.8 mio. 2.5 mio. 3.2 mio. +20 mio.
C US TO M E R S O N B O OZ T.C O M
PA G E – 1 6
(+1 shopping in one or more of the categories)
Core Competencies
Strong brand Own-built Europe’s Care-For
universe tech platform largest Autostore Strategy
Installation
Strong brand
BOOZ T GROUP
universe
Boozt has built a broad portfolio in collaboration with
trusted partners, ensuring a diverse range of products
that align seamlessly with the evolving preferences and
lifestyles of its customers. By prioritizing mid-market and
premium brands, Boozt.com aligns its product assortment
with the preferences of its target demographic, which
typically consists of discerning consumers seeking
quality, style, and value. This strategic approach enables
Boozt.com to differentiate itself in the competitive
online retail landscape, offering a curated selection that
resonates with its customer base while maintaining a high
standard of quality and brand integrity.
PA G E – 19
Own-built tech platform
BOOZ T GROUP
Being an online platform, Boozt continuously gathers data.
To leverage the power of that data, Boozt has built and
developed their own in-house tech team and platform.
Examples of data tracking
The data-driven approach enables Boozt to identify customer base through
new business opportunities, track on-site and product
their tech platform:
performance, ensuring a proactive and adaptive business
strategy.
– Country breakdown
Their platform has turned into one of the most advanced
– Average order value
e-commerce platforms in the Nordics. Boozt uses
advanced logistics algorithms not only to meet the current – Conversion rate
needs of consumers but to anticipate upcoming trends.
– Return rate
Boozt Data Intelligence - Leveraging data internally – Benchmark against peers
By monitoring user activities, product performance, and
transactional patterns in real time, Boozt aims to closely – Customer segmentation
follow evolving consumer behaviors and market demands.
– Number of sleepers
This wealth of data serves as the foundation for informed
and efficient decision-making, enabling Boozt to refine – Brandwall pageviews
its strategies, optimize user experiences, and identify
– Device type
opportunities for growth.
– External source
Leveraging data through Boozt Media Partnership
Boozt also explores external data utilization by – Top 10 pdp views
collaborating with brand partners. By sharing insights
derived from customer interactions, sales patterns,
and benchmark against peers, Boozt empowers its
brand partners to make informed decisions and tailor
their strategies for optimal market engagement. This
collaborative approach not only enhances the brand
partners' presence on the platform but also solidifies
Boozt's position as a strategic partner in the ever-evolving
PA G E – 2 0
landscape of Nordic e-commerce.
Europe’s largest
BOOZ T GROUP
Autostore Installation
The Boozt Fulfillment Centre (BFC) is strategically positioned in Ängelholm, Sweden, approximately one hour north
of the Malmö headquarters. Designed to optimize the AutoStore automation system, the center is constructed to
allow modular expansion for increased capacity. Boozt's 2022 investment saw the incorporation of over 500,000 bins
and around 500 robots, resulting in a capacity boost of more than 50%. The AutoStore system not only streamlines
the picking process for cost efficiency but also enhances time-to-market. Serving as both a fulfillment center and a
photography hub with automated ramps for new product photography, it underscores the company's commitment
to in-house product handling, setting it apart from competitors. All critical packing and return operations are fully
insourced, ensuring rapid and high-quality package deliveries to customers. The Boozt HQ and the Fulfillment Center
act as future-ready infrastructures, supporting long-term expansion.
1,200,000 1,200 +15,000 Europe’s

bins robots items per hour in largest
handling capacity
during peaks automated
warehouse
PA G E – 2 1
Care-For Strategy
BOOZ T GROUP
Boozt.com has devised a comprehensive Care-For
strategy. Regularly updated to synchronize with the
company's strategic direction and external societal
shifts, this strategy sets ambitious goals and focuses
on actionable initiatives to instigate meaningful change
in the industry's sustainability practices. The strategy
encompasses Environment, Employees, Community, and
Governance, with specific goals and targets identified
through a thorough materiality assessment. Embracing
the B Corp movement, Boozt.com visualizes its
commitment to sustainable business practices through
the Care-For universe, underscoring its dedication to
responsible initiatives across various dimensions.
NG UNSUSTAINABI
D UC I LIT
RE Y
ENVIRONMENT
GOALS
GOVERNANCE CARE-FOR EMPLOYEE

GOALS GOALS
STRATEGY
COMMUNITY
GOALS
CR
E AT IT Y
I N G S U S TA I N A B I L
PA G E – 2 2
BOOZ T GROUP
The Boozt Customer
By delving into the characteristics and behaviors of the
average Boozt.com customer, we gain valuable insights into
their preferences, motivations, and shopping patterns.
PA G E – 2 3
Customer AC T I V E M OD E R AT E NE W/ FA IRLY NE W
BOOZ T GROUP
Segments
CU S TOM E R ( A ) : CU S TOM E R ( S ) : CU S TOM E R ( E ) :
20% 66% 14%

Boozt categorizes their Percentage of total Percentage of total Percentage of total
customers in three main customer base customer base customer base
segments.
– High value – Valuable and stable, but less engaged – In the process of becoming loyal,
than Active customer on their way to becoming Active
– High basket size, frequent purchases
or Less Active
– High basket size but moderate
– Loyal customer, crucial for clearing
frequency – Moderate basket size
inventory/profitability
– Loyal customer – Developing loyalty, with potential
PA G E – 2 4
for growth in engagement
Boozt’s typical active customer looks like: AC T I V E CU S TOM E R ( A ) :
BOOZ T GROUP
Female, 30-44, with children.
The desired state of the Nordic Department Store includes the highest number of Active Customers possible, as this is the most
valuable customer. Boozt’s goal is to increase the Active customers' cross-category purchases making the use of Boozt.com a habit
for the customer. They currently do this by providing more benefits, through higher discounts, free shipping, etc. in e.g. Club Boozt.
GENDER AG E GENDER
Single
with kids
NA
20-29 Other
5% 60+ 6%
17% 7%
22%
33% Couple
with kids
M 30%
Couple
24%
without
kids
33%
28%
45-59
65%
F 30-44
30%
Single
without kids
– High value
M OV I N G FR O M N E W C U S TO M E R TO LOYA L C U S TO M E R – High basket size, frequent purchases
Rule of tumb: Only one out of every 3-5 new customers become a loyal customer, who shops year after year. – Loyal customer, crucial for clearing
PA G E – 2 5
inventory/profitability
Club Boozt
BOOZ T GROUP
Club Boozt is the customer club for boozt.com, where
members can get points from their purchases to receive
perks such as discounts, free delivery, access to pre-sales
and other special offers. As of today, it has more than
one million users, and is constantly growing. The club
primarily consists of the Active Customer segment, who
are also the ones with highest retention and order value.
Tailored for you
1 Million users in 230 days

As a Club Boozt member, you earn points for every
purchase. These points can be utilized when shopping,
providing you with additional discounts, exclusive
offers, early access to sales, and more. You also have
the flexibility to customize your discount preferences
and automatically enjoy a 10% discount on all full-price
items. Furthermore, all club members choose their own
‘Boozters’. Boozters are the different benefits you can
choose from. You give away points to receive the benefit
that you desire, such as 15% or 20% off of specific
product categories, free shipping, pre-sales or the like.
– Choose your own Boozters
– Born with benefits
– Multi-cat-buyers gets more
– Loyalty gets extra treats
– Wallet with extra service
PA G E – 26
Shopping AC T I V E M OD E R AT E NE W/ FA IRLY NE W
BOOZ T GROUP
Behavior
CU S TOM E R ( A ) : CU S TOM E R ( S ) : CU S TOM E R ( E ) :
Average basket size: 1,525 SEK Average basket size: 1,500 SEK Average basket size: 1,350 SEK
(varying span: 1,300-2,000) (varying span: 1,300-2,000) (varying span: 1,100-1,800)
Average frequency: 6.3 a year Average frequency: Average frequency:

(varying span: 3-11 times per year) 2.3 a year 1.8 a year
PA G E – 2 7
While Boozt.com caters to both O R D E R VA LU E B A S E D O N C AT EG O RY S A L E S S P L I T BY C AT EG O RY

(% O F TOTA L G RO U P P RO D U C T S A L E S)
men and women, the platform
BOOZ T GROUP
has historically attracted a 2017 2022 Future
slightly higher proportion of Home

Kids, Sport, Beauty & Home
Fashion (Women/Men)
10 30 70
female customers. This trend 4.5% 90 70 30
is reflective of the fashion- Beauty

9.1%
forward nature of the platform's
product range, which includes a
A RO U N D 4 0 % O F R E V E N U E O N B O OZ T.C O M
wide array of women's clothing I S N OW G E N E R AT E D FRO M P RO D U C T S
and accessories. However, Sport
9.1%
O U T S ID E O F FA S HIO N (F Y 20 2 3)
aspiring to become the Nordic
Women
Department Store, the sale split 40.9%
39% Other
(Kids, Sports,
by category is expected to shift. Beauty and
Home)
Kids
9.1%
Men
27.3% 61%
Fashion
(Women
and Men)
PA G E – 2 8
Source: Capital Markets day March 2023
Leveraging C O L L EC T IN G DATA IN O R D E R TO E N S U R E S EG M E N T S A N D AC C O R DIN G AC T IO N S A S FA S T A S P O S S IB L E
BOOZ T GROUP
Customer Trace Personalization & interaction management at scale
Every move a customer makes online leaves a data trace, LISTEN U N D E R S TA N D AC T

and this data is incredibly valuable for companies like
Boozt. Collecting data occurs at various touch points
from the initial online interaction at Google.com, for
Website
example, to accepting cookies and purchase products and Website Personalization /
Deep behavioral
thus accepting Boozt’s terms and conditions. This data tracking in the context
Recommend actions,
offers, products,
allows the company to enhance customer understanding, of the business content
personalize the shopping experience and target marketing
efforts effectively, with the ultimate goal of increasing
profitability. The earlier and higher volume of data you Mobile
Website In-App
can collect in the customer journey, the better. Hence, In-app behavior Personalization
and actions Push notifications
leveraging new sources of data before the initial purchase
is crucial for Boozt.
CRM/ Service / Sales Service / Sales

Case resolution, Deliver insights /
customer status Suggest offers Assign
change, and CRM tasks
activity
Email / Campaign
Email / Campaign Email personalization
Email campaign opens, / Next best campaign
clicks and responses / Add to a Journey
On
Deliver
On-Store personalized
Purchase data next best action
or offer
PA G E – 2 9
Industry Insights
General Market Outlook
BOOZ T GROUP
In the wake of the pandemic, online retailers found LARGE NORDIC MARKET WITH EUROPEAN FASHION MARKET
themselves benefiting from the surge in online shopping STRONG ONLINE MOMENTUM WITH IMMENSE GROWTH POTENTIAL
as consumers increasingly embraced digital habits. As
a result of the challenges of the pandemic, individuals
turned to online platforms for shopping convenience. Total Apparel, Shoes, Beauty Total Apparel
and Home Market ¹ ² EUR ~400bn
Despite this positive trend, economic and geopolitical SEK ~400bn
factors, notably the war in Ukraine, and the struggle
@ 70% @ 60%
against high inflation and interest rates, introduced a layer ONLINE ONLINE
of unpredictability to the market. PENETRATION
SEK ~280bn
PENETRATION
EUR ~240bn
Remarkably, consumers have changed their spending
@ 60% @ 50%
patterns less than many anticipated thanks to moderate ONLINE SEK ~240bn ONLINE EUR ~200bn
inflation and a resilient labor market. People remain PENETRATION PENETRATION
willing to spend, but with a more discerning eye on costs.

This shift poses a challenge for online retailers, requiring @ 50% SEK ~200bn @ 40% EUR ~160bn
ONLINE ONLINE
intensified competitive strategies that balance catering PENETRATION PENETRATION
to a strong labor market while addressing the growing
preference for cost-effective options. 2022 SEK ~110bn 2022 EUR ~80bn
@ ~25-30% @ ~20%
The online retail market is experiencing a robust ONLINE ONLINE
PENETRATION PENETRATION
momentum, marked by substantial growth potential. With
an increasing number of consumers embracing digital BOOZT BOOZT
@ ~6% MARKET SHARE OF @ < 1% MARKET SHARE
shopping, the market is poised for continued expansion, ONLINE IN THE NORDICS OF ONLINE IN EUROPE
offering ample opportunities for online retailers to thrive
and succeed.
1) Combined Sportswear market of Denmark, Norway and Sweden, i.e. equivalent

estimates for Finland N/A
2) Homeware considered household textiles, e.g. furnishing fabrics and bed, table
PA G E – 3 1
and bathroom linen as well as glassware, tableware and household utensils
Source: Company estimates, Euromonitor, Eurostat
IN T E R N E T US E R S W H O B O U G H T O R O R D E R E D G O O DS O R S E RV IC E S FO R P R I VAT E
US E IN T H E P R E V IO US 1 2 M O N T H S BY AG E G RO U P, EU, 20 10 -20 2 2
BOOZ T GROUP
95
85
75
65
55
45
35
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
EU 16-24 25-34 35-44 45-54 55-74
PA G E – 3 2
Note: EU Break in time series in 2021
Source: Eurostat (online data code: isoc_ec_ibuy and isoc_ec_ib20)
Emerging Trends
BOOZ T GROUP
Price sensitivity Online one-stop-shop convenience
In the current market landscape, consumers exhibit a The contemporary consumer landscape is witnessing a
heightened sensitivity to prices compared to previous notable inclination towards online retail, notably favoring
periods. Economic uncertainties, including factors like the streamlined and comprehensive experience offered
inflation, higher interest rates and geopolitical tensions, by one-stop-department stores. In today's fast-paced
have contributed to a more cautious and discerning society characterized by time constraints, consumers are
consumer mindset. In the fight for consumers' marginal increasingly drawn to platforms that consolidate a diverse
spending, retailers face competition not only from array of products, alleviating the inconvenience associated
direct competitors but also from others such as leisure with navigating multiple online outlets.
travel as consumers continue to prioritize spendings. As
individuals navigate through financial uncertainties and The inherent convenience and accessibility of these
changing economic conditions, there is a notable shift in platforms often result in expanded cart sizes, driven by the
preferences towards cost-effective options. Retailers, allure of discovering additional items during the browsing
including Boozt, need to be attuned to this evolving process. This trend translates into a notable increase
dynamic, strategically adjusting their offerings and pricing in the average order value for businesses, indicative
strategies to meet the expectations of a more price- of heightened per-transaction spending by consumers
sensitive consumer base. Understanding and responding within the one-stop-department store environment. The
to this trend is essential for businesses aiming to thrive in consolidation of diverse product offerings under a single
the contemporary market environment. digital umbrella fosters a sense of reliability and trust
among consumers, cultivating brand loyalty and repeat
patronage.
Additional benefits such as bundled discounts and free

shipping thresholds serve as further enticements for
consumers, augmenting the overall value proposition of
these one-stop-department stores.
PA G E – 3 3
Legal Considerations
BOOZ T GROUP
In e-commerce, adherence to regulations is very The EU's cookie policy is straightforward but crucial to
important, and at Boozt, a commitment to compliance is understand. Data tracking is only permissible after the
central to their operations. As one of the industry's major customer has made a choice on what information to share.
players, maintaining high standards is imperative, and it's This entails withholding all cookies and trackers until
essential to recognize and navigate legal frameworks. For explicit user consent is given, providing clear information
your case, three key regulations merit attention: about embedded cookies and trackers, obtaining user-
friendly consent, and ensuring users can easily refuse or
• GDPR (General Data Protection Regulation) withdraw consent.
• The EU’s pricing directive
• EU’s cookie law
Under GDPR, which guarantees consumers the right
to control their data, certain considerations must be
made. The core tenets include the legal necessity
for data collection, the prohibition of data exchange
between companies without customer consent, and the
permissibility of personalization and profiling contingent
on customer approval, often facilitated through cookie
policies or explicit consents.
Concerning pricing strategies, the EU emphasizes

truthfulness in all offers. To ensure the accuracy of an
offer, the company must first establish a normal price,
typically after a minimum of 30 days. Subsequently, this
price can serve as a reference for promotional campaigns.
However, campaigns are restricted to running for a
duration no longer than half the period of the full-price
This is a high-level overview. It is not exhaustive and does not cover all aspects
period of the product. Notably, if a product undergoes of the relevant legal considerations. We strongly encourage you to conduct
a discount, even for a single day, the discounted price your own research to ensure your solution complies with all applicable laws
and regulations.
becomes the new reference for all campaigns for the next
30 days, known as the lowest last 30 price.
PA G E – 3 4
Closing Remarks
BOOZ T GROUP
Boozt began its journey in the digital retail landscape at Judging criteria
a time when the potential of e-commerce was only at the How can Boozt increase customer loyalty, growth,
beginning to be understood. Boozt's founders acted on a and ultimately profitability within its Nordic You solutions will be assessed on the following criteria
vision to change retail by leveraging technology to offer department store model to grow revenue by with equal weight:
a complete shopping experience. Recognizing early the 40% before 2027?
power of online retail, Boozt sought to develop and build – Analysis
their own technological platform and solution. Today, 1. What untapped opportunities can Boozt lever- – Solution
more than a decade later, Boozt is stronger than ever and age to strengthen its Nordic Department Store – Innovation & Creativity
possessing a deep understanding of consumer behavior Business model? – Financial & Legal Feasibility
and the critical importance of loyalty in e-commerce. – Presentation, Slides and Storytelling
The retail industry is experiencing its own version of an 2. How can your solution increase cross-category
industrial revolution with the shift towards digital-first purchases and move customers to higher value We encourage you to think creatively about how to solve
commerce. This transition is not only reshaping the way segments making the use of Boozt.com a habit this strategic challenge, and come up with solutions based
businesses operate but is also intensifying competition as for the customer? on in-depth analyses. Your solutions should generally
more players enter the online space. Boozt has been at the support the Nordic Department Store model. If you
forefront of this transformation, establishing a leadership 3. How can Boozt practically leverage new sources suggest using e.g. Artificial Intelligence, please be very
position in the Nordic region through its dedication to of data of the customer before their initial specific about how, when and where to implement it.
innovation and customer satisfaction. purchase? Boozt has already considered doing augmented reality
in the shopping experience, or partnering up with major
As technology evolves and consumer expectations brands like Nike and Gucci, so please tap into your creative
rise, Boozt faces new opportunities and challenges. side and come up with holistic strategic solutions to
The company's journey into the future of retail involves elevate the business to a new level.
navigating complex dynamics, from enhancing the
understanding of its customers to integrating cutting-
edge technologies. Boozt's ongoing strive for excellence
requires your insights and strategies to continue leading
the digital retail revolution. Therefore we invite you to
address the following questions:
PA G E – 3 5
Acknowledgements
BOOZ T GROUP
Case developers
Rebekka Romen, CBS Case Competition
Aske Elsøe Engmark, CBS Case Competition
Theodor Rugholm, CBS Case Competition
Line Lohmann Rasmussen, CBS Case Competition
Jonathan Kauffmann Vener, CBS Case Competition
Case testers
Alexander Thomsen Wyne
Caroline Knudsen
Igor Laakso
Special thanks to
Casper Strange, Business Development Director, Boozt Fashion AB
Lars Quaade, Business Intelligence Director, Boozt Fashion AB
Sandra Joy Sahlertz, CHRO, Boozt Fashion AB
Case design
Caroline Löfgren, Art Director - Brand & Visual Communication,
Boozt Fashion AB
PA G E – 3 6
Appendix
Financial Performance
BOOZ T GROUP
SEK million unless otherwise indicated Oct 1 - Dec 31, 2023 MID -T E R M G UIDA N C E MID -T E R M G UIDA N C E
GROUP Communicated in IPO Re-communicated in 2020
Net revenue 2,993
Net revenue growth (%) 22.8%
Gross profit 1,122
Gross margin (%)* 37.5%
Net revenue growth of Significantly outgrow
Fulfilment cost ratio (%)* -9.5% G ROW T H
25-30% the Nordic market
Marketing cost ratio (%)* -10.0%
Admin & other cost ratio (%)* -9.7%
-2.1%
Depreciation cost ratio (%)*
Adjusted admin & other cost ratio (%)* -8.1%
EBIT 183
EBIT margin (%) 6.1%
Adjusted EBIT* 230
Adjusted EBIT margin Adjusted EBIT margin
Adjusted EBIT margin (%)* 7.7% P RO F I TA B IL I T Y
target of +6% in 2022 of 5-7%
Earnings for the period 143
Earnings per share (SEK)* 2.10
Earnings per share after dilution (SEK)* 2.07
Adjusted earnings per share (SEK) 2.65
Adjusted earnings per share after dilution (SEK) 2.61
Cash flow from operations 861
Cash flow from investments -28
Free cash flow* 834 CASH Consider dividend when cash exceed investments in growth
Net working capital* 316
Net debt / -net cash* -1,040
Equity / asset ratio 45.7%
Number of employees end of period 1,176
PA G E – 3 8
Rounding differences may affect the summations.
*The figure is an Alternative Performance Measure (APM) (non-IFRS), for further information see page 31.
BOOZ T GROUP
20 17 20 1 8 20 19 20 20 20 2 1 20 2 2 MID -T E R M O U TC O M E
2017-2020
CAGR of 30%
N E T R E V E N U E G ROW T H % 44.4% 38.1% 23.0% 27.3% 33.4% 16.0%
from 2017 to 2022
Adjusted EBIT margin
4.2% in 2022
A D J US T E D E B I T M A RG IN % 2.4% 2.3% 3.2% 6.7% 5.9% 4.2% Avg: 2017-2022: 4.1%

Acc: 2017-2022: 4.5%
Avg: 2020-2022: 5.6%
Acc: 2020-2022: 5.4%
PA G E – 3 9
D E L I V E R IN G S US TA IN A B L E G ROW T H AT A HIG H PAC E (20 17-20 2 2)
BOOZ T GROUP
234%
Online retail and Online Department Stores
Classic retail (omni channel)
Nordic Department Stores (omni channel)
130%
105%
31%
12% 9%
7%
Net revenue growth (%) from 2017 to 2022/21 (Peer set: majority of growth is organic) -8%
-15%
PA G E – 4 0
Boozt Zalando ASOS Nelly H&M Inditex Magasin Åhlens Stockmann
T H E B O OZ T U NI V E R S E – O U R LO N G -T E R M O P P O R T U NI T Y
BOOZ T GROUP
B O OZ T B O OZ T L E T B O OZ T DATA B O OZ T M E DI A N O R DIC B O OZ T PAY
IN T E L L IG E N C E PA R T N E R S HIP BRAND HUB
Providing insights into

The Nordic Preferred e-commerce data designing, producing and Seamless and easy
VA LU E P RO P O S I T IO N Nordic Designer Outlet Retail media
Department Store partner in the Nordics selling apparel and fashion checkouts and payments
lifestyle brands
Market share around 10%

Top-class payment provider,
LO N G -T E R M TA RG E T 4-5% of Group net revenue 5-10% of Group net revenue
fully controlled by the Group
(online and offline)
Market share of 1-2% 3 active brands

C U R R E N T S TAT US Recently launched < 3% of Group net revenue < 1% of Group net revenue
3 million active customers < 3% of Group net revenue
Traditional production and Cost savings and

REVENUE MODEL Wholesale / own buy Business-to-business
wholesale revenue share
G RO S S M A RG IN
IM PAC T
E B I T IM PAC T
PA G E – 41
BOOZ T GROUP
Competition
Boozt has a differentiated competitive landscape
where the competition is based on international
e-commerce retail and department stores.
PA G E – 4 2
B A L A N C IN G P RO F I TA B L E G ROW T H S IN C E 20 17
C AG R A N D AC C U M U L AT E D A D J US T E D E BI T 20 17-20 2 2 *
BOOZ T GROUP
Growth at all costs Profitable growth
-10% ABOUT YOU 35%
-14% NA-KD 30% Boozt
25%
Zalando
20%
-6% Footway ASOS
15%
10% At-risk
Profits Inditex
15.5%
Magasin
5%
H&M
NELLY
-1.5% -1.0% -0.5% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% >7.0%
-3% Åhlens
Stockmann -5%
-10%
PA G E – 4 3
AC C U M U L AT E D A D J US T E D E BI T M A RG IN (%)
* Where information has not been publicly available, period and measure have been adjusted to the closest comparable
U NIQ U E P O S I T IO NIN G K E Y TO S US TA IN A B L E G ROW T H A N D L E A DIN G M A RG IN S
BOOZ T GROUP
Illustrative Nordic market landscape
Selectively active in the Nordic region
YOOX
NET-A-PORTER
LU X U RY
FARFETCH GROUP
MYTHERESA
S W E E T S P OT
AV E R AG E O R D E R VA LU E
P R E MIU M
P RO D U C T S EG M E N T FO C US
Boozt
COMMERCIAL
Zalando
E N T RY P R IC E
NELLY
boohoo ABOUT YOU
SHEIN ASOS NA-KD
PA G E – 4 4

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CCC X BOOZT INVITATIONAL CASE

Setting the Stage

As the lines between online and offline experiences blur,

The idea of becoming a Nordic Department Store has

Letter from the CEO

Technology as Our Catalyst 2. How can your solution increase cross-category

Fostering Customer Loyalty

Their vision is to become the leading Nordic Department

With a team of over 1,200 employees from more than 60

History and Timeline

2010 2014 2017 2022

2007 2011 2015 2021 2023

Strategy: Become the leading

Boozt.com is dedicated to providing a curated selection

Boozt’s Business model B O OZ T.C O M

Core business into a distinct business unit, expanding its inventory.

Revenue streams from Core Business S A L E S B R E A K D OW N , DI V I S IO N S

Total The Nordics

Rest of Europe The Baltics

145,000 Rest of the

Boozt.com Booztlet.com Boozt.com Booztlet.com

Group Management and Organization

HERMANN HARALDSSON PETER G. JØRGENSEN JESPER BRØNDUM Headquarters, Malmö

Developer Team, Poznan

Deep Dive into Value Creation

Customers moving from buying from only one department to multiple -

1 dept 2 dept 3 dept 4 dept 5 dept 6 dept 7 dept

# of number of categories # of number of categories

* Numbers are based on Boozt.com only

Added department value

Sport Women + s Men + s

Single dept Extra revenue Sport in combo

Moving customers through

Net revenue last

Single category customer Nordic department store customer

Building ‘awareness, category trials

30% TRIAL KIDS

Customers moving from buying from

Own-built tech platform

1,200,000 1,200 +15,000 Europe’s

GOVERNANCE CARE-FOR EMPLOYEE

20% 66% 14%

customers in three main customer base customer base customer base

Boozt’s typical active customer looks like: AC T I V E CU S TOM E R ( A ) :

M OV I N G FR O M N E W C U S TO M E R TO LOYA L C U S TO M E R – High basket size, frequent purchases

Tailored for you

1 Million users in 230 days

– Choose your own Boozters

– Born with benefits

– Multi-cat-buyers gets more

– Loyalty gets extra treats

– Wallet with extra service

Average frequency: 6.3 a year Average frequency: Average frequency:

While Boozt.com caters to both O R D E R VA LU E B A S E D O N C AT EG O RY S A L E S S P L I T BY C AT EG O RY

slightly higher proportion of Home

female customers. This trend 4.5% 90 70 30

is reflective of the fashion- Beauty

aspiring to become the Nordic

Leveraging C O L L EC T IN G DATA IN O R D E R TO E N S U R E S EG M E N T S A N D AC C O R DIN G AC T IO N S A S FA S T A S P O S S IB L E

Every move a customer makes online leaves a data trace, LISTEN U N D E R S TA N D AC T

CRM/ Service / Sales Service / Sales

General Market Outlook

Remarkably, consumers have changed their spending