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Regulatory information

Northbaze Group to introduce a new business area by carve out the premium leather goods production and operations in Thailand within the Smart Mobility area.

The new business segment and its production facility will continue to operate under the new name Adiantes Co. Ltd.  

Northbaze Group has initiated procedures to further build a strong foothold in the premium leather goods industry within the new business area. The growth of the premium OEM production area has been strong during the last two years (after the Krusell Group was acquired) and will continue exceed the own production of the group’s own brands such as Krusell and Kavaj. The manufacturing unit has evolved from an entity that was dependant on internal group business to an independent company, with an attractive portfolio of premium brands as customers.The new name Adiantes (Co. Ltd (former Krusell Thailand Co Ltd,) better support the continuous development to expand private label and OEM business in the premium leather goods segment and is aggressively pursuing further sustainable growth in a market still growing in the double digits.  

The newly established company name “Adiantes Co., Ltd.” is a wordplay from the Galician translation of “forward excellently”. Adiantes will continue to be managed by its Swiss CEO Mauro Beck that is going to have the focus to further develop the independent business with in premium leather goods industry. With this positive signal of the new name and further actions, Northbaze Group clearly signals our commitment to continue the construction of highly valuable entities within the group. The project “Adiantes” symbolizes the pro-active and value oriented stance of the group and in line with the chosen name, signals the next step forward.

The manufacturing entity in Thailand offers an European style Management within a competitive price structure, excellent production know how and craftmanship, as well as highly competent Project Management staff to its clients and partners. These qualities have attracted multiple International brands to engage a long term partnership. The everlasting demands for competent manufacturer in the premium leather industry still outgrow supply and Adiantes Co. Ltd s ideally positioned to attract further valuable customers and at the same time, grow the existing accounts substantially.The company also profits from a trend within the industry, that leads multiple brands to look for quality suppliers outside of China due to Risk Management concerns.

New financial arrangements put in place, allow the group to focus on investments into technology and equipment to further enhance the quality of manufacturing and continue technical development and know-how. Adiantes is excellently positioned to continue the transition into a main player in the premium leather goods industry and to provide the group with consistent, good results for years to come.

For further information, please contact:
Henrik Andersson, CEO 
Mobile: +46 761 99 35 55 

This information is such that Northbaze Group AB (publ) is obliged to publish in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the contact person set out above, on  August 13th, 2020 at 14:00 CET.

About Northbaze Group AB (Publ).
Northbaze Group was founded in 2006 with a vision that everyone should have the opportunity to experience great sound and sophisticated design. The Group currently develops, produces and markets its own brands and products within “Audio & Sound” and “Smart Mobility” for selected markets globally and online. Northbaze Group currently has operations in Sweden, Denmark, Germany, Hong Kong, China and Thailand, where the company's own production “Adiantes” is located for premium skin- and leather products for both external brands as well as production within Smart Mobility.

In recent years, the Group has expanded within “Smart Mobility” through the acquisition of Krusell, which designs and manufactures mobile accessories, bags and shells of the highest quality and which also has its own production of exclusive skin- and leather products for global customers. In the “Audio & Sound” area, the Group acquired the award-winning Danish audio brand CLINT® Digital in 2019 with the aim of establishing the Group's future investment in streamed sound via multimedia and smart speakers. The German e-commerce company KAVAJ was acquired and integrated in April 2019 in order to strengthen the company's online presence through primarily Amazon and other online marketplaces.

In 2020, the Group formed a new business area by highlighting its own production unit for exclusive skin- and leather products within Smart Mobility with the increased external production for other brands. The new business area "Adiantes" includes premium OEM manufacturing in Thailand for exclusive leather and leather products and accessories within Smart Mobility. Adiantes offers its partners a competitive alternative to other and in-house manufacturing for their major brands. Adiante's qualities and focus on sustainability have already attracted several international clients to enter into long-term partnerships with the company, and further customer collaborations are under construction.

The Northbaze Group's vision and growth strategy is based on strong organic growth with profitability in combination with acquisition-driven growth in the audio segment and other closely related products and services in consumer electronics as well as smart connectivity and mobile products. Northbaze Group intends to carry out the majority of acquisitions under the right conditions in the coming years in order to diversify and build a strong group with a clear focus on long-term growth under profitability.

The Northbaze Group's long-term financial goal is to have an annual growth of 20 percent with a simultaneous profitability of at least 10 percent EBITDA and an equity / assets ratio exceeding 30 percent. The Group's goal is to increase the share of sales in B2C and online by approximately 10% per year over the next three years to just over 30%, while at the same time strengthening the offering through existing retail market channels. The Group will not provide ongoing detailed forecasts. Instead, the business will be completely directed towards the company's long-term financial goals.

Northbaze Group intends to make acquisitions in the coming years with the aim of diversifying and building a strong group with a clear focus on long-term growth under profitability.

Northbaze Group AB (publ) is a public company listed at Nasdaq First North Growth Market. Certified Adviser is Partner Fondkommission AB, with email-address and phone + 46 31 761 22 30.