Despite the financial crisis, the fledgling Danish white goods and consumer electronics web-shop Wupti.com has managed to build up its turnover to DKK 250m (USD 43.7 m) and expects to reach DKK 500m (USD 87.4m) in the next two years, writes financial daily newspaper Børsen.
The progress of the Århus based firm mirrors the remarkable growth of internet shopping in Denmark, which as our news recently reported, leads Europe in this respect despite the general economic gloom. Wupti.com's MD Torben Mauritsen commented to Børsen:
"In times of crisis people watch prices very carefully and take their time to weigh up alternative choices. We aim to be competitive with serious internet-based suppliers in our line of business, and are currently the cheapest for a quarter of the goods we offer."
Wupti.com is owned by two strong capitalised Danish concerns, the energy company NRGi and the Funen-based company L'Easy which specialises in leasing of white goods, computers and so on. Torben Mouritsen recognises that having two strong owners makes customers feel confident about Wupti.com and its future.
Founded in November 2006, Wupti.com has posted negative results in its last two accounting years, but the losses are diminishing: a DKK 17m (USD 3m) loss last year compared to a DKK 41m (USD 7.1m) loss the year before that.