Once upon a time, they were as hot as any startup could be. Their watches have been worn by superstars such as Elton John, Beyonce, Lady Gaga and Princess Madeleine. Just to name a few. Triwa was big several years before Daniel Wellington had taken over the watch world and was already founded in 2007 by Ludvig Scheja and Tobias Eriksson together with Harald and Didrik Wachmeister.
Triwa sponsored, among other things, the MTV Music Awards and ensured that all artists received a watch. It did best in 2016. Then the company had a turnover of SEK 69 million and made a profit of SEK 3 million.
But after the peak year, things quickly went downhill. Turnover has fallen every year and the losses have piled up. In 2022, the turnover landed at 17.7 million with a loss of 2.2 million. Then the American turnaround expert Ryan Looysen had come in as the new CEO and would turn the company back to profit.
That was not the case, but on Monday the watch company was declared bankrupt according to the industry magazine Habit.
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