Blum USA ends financial year for 2023-2024

Maintains a year of growth and stability, with a stable financial turnover compared to previous financial year.

 

Blum Inc., the American subsidiary for Blum, recorded $363 million in turnover for the 2023/2024 financial year that ended June 30, 2024.

Despite the uncertain times during the past year, Blum focused on working together as a team. Focusing on the key factors that contributed to the stable financial turnover, Shannon Lafferty states, “As expected, the overall market volumes were down this year over last however, we remain committed to our long-term growth strategy which includes bringing new products to the market and investing in our company’s growth. Last year we launched several new innovative products: REVEGO (KBIS 2024’s Best of KBIS, Most Functional Find - Gold), SPACE STEP, MERIVOBOX, and AVENTOS HKi, which helped to provide stability in our revenue.”

Blum Group results

The Blum Group experienced a worldwide turnover of $2.5 billion during the 2023/2024 fiscal year, a slight decrease of 1.2% from the previous year. Blum achieved 44% in Europe, 15% in the USA, and 41% in the remaining subsidiaries. Focusing on the future of Blum, $313 million dollars was invested during the fiscal year.

The Managing Director of the Blum Group, Philipp Blum said, “The first few months of the last financial year were challenging for us and the industry as a whole. However, there were some positive signs in the second half of the year, and we are noticing improvements, even though the market environment remains challenging. The cost of raw materials, energy and staff in particular is currently very high.”

The company has 9,294 employees, with 459 at Blum USA. Additionally, the family-owned business is training 400 apprentices, with 28 at the USA facility.

Community involvement

Throughout the year, Blum has a team of employee volunteers that take the initiative to give back to the local community, creating positive and impactful moments. The initiative focuses on social engagement and aligns with the United Nations Sustainable Development Goals.

Blum USA’s donation team focuses on three areas centered around zero hunger, life on land, and education. Additionally, there are various opportunities for Blum employees to donate and volunteer. The donation team strives to implement Blum’s belief in making a positive impact on society and the environment in which the employees live.

Innovations

Globally, Blum continues to drive their core value and goal of innovation. In 2023, Austria introduced 82 new applications to the Austrian Patent office. At KBIS 2024, Blum featured four new product introductions to the USA market – including the AVENTOS top program that is set to hit the market in fall 2024. At the Kitchen & Bath Industry Show, REVEGO won the prestigious award for Most Functional Find for the Best of KBIS. The Blum Group is hopeful for additional growth within the next year. Philipp Blum states, “We are optimistic that we can generate momentum with the launch and marketing of our new products.”

Outlook

Blum continues to prioritize working as a team, “Regardless of the economic developments, we will put all our energy, ingenuity and innovative strength into remaining a future-proof partner for our customers and a stable employer for our employees,” Martin Blum stated. Philipp Blum adds, "For us, it was clear that our colleagues are the priority even in difficult economic situations. In other words, our employees could rest assured that their jobs would be safe, and thanks to our flexibility, we completed the tasks in hand together as a team."