Idar Vollvik has gone on some bangs. Now he sells face masks in large quantities.
– It is going really well. We are selling with both hands right now. We have worked with some of the largest factories in the world and have made large purchases at good prices, says Idar Vollvik to Nettavisen Økonomi.
The factories from which Vollviks Ludostore orders sanitary napkins, pour out sanitary napkins in large quantities. According to Vollvik, Ludo’s online store has still had 7,000-8,000 packages backordered during parts of the corona period, ie there have been more orders than there have been face masks in the warehouse.
– But we are completely up to date now, says Vollvik satisfied.
The series founder quickly turned around when he saw what was about to happen in March. While Norway shut down, Vollvik was in dialogue with Chinese factories about ordering infection control equipment.
The Brønnøysund Register Center suddenly stated that the purpose of Vollvik, Vovi AS, had changed from “investing in other companies, securities and real estate”.
Since early April, the purpose has been to: “import and sell medical equipment”.
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From billionaire to bankruptcy
The 52-year-old is a self-proclaimed shopkeeper, and does not go out of his way to take the chance when the opportunity arises.
Vollvik took Finans-Norge by storm when he bought Chess for four million kroner in 2001. Four years, the sale of the mobile company made him a billionaire. After the Chess sale, Vollvik became known as a very active and risk-averse entrepreneur, and he bought and sold shares for billions in the years that followed. In 2008, it became clear that the entrepreneur had no more money left, and the following year he was filed for bankruptcy.
BILLIONAIRE: In 2005, Idar sold Vollvik Chess for NOK 2.4 billion, and Vollvik himself was left with around NOK 1 billion.
Photo: Tor Richardsen (NTB scanpix)
Read more in Nettavisen’s large portrait with Idar Vollvik from 2012 here.
In total, Vollvik has been filed for personal bankruptcy nine times, but he has always risen again. In recent years, he has invested in mobile telephony in Thailand, online shopping and the mobile app Geddit.
Now it is infection control equipment that applies. Vollvik has invested in labor and premises in Fana in Bergen.
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Was stopped at customs
– We were among the first to start with this, and when we placed two or three test orders from some factories in China, we saw that the documentation was not good enough, says Vollvik.
Already in March, Vovi and Vollvik ordered 80,000 sanitary napkins and 220 antibody tests in two shipments. These never got further than the customs in Norway. The information on the broadcasts was only in Chinese, and there was no valid documentation. The incident became an important lesson for Vollvik.
– The factories were not well enough prepared for the regulations here in Europe, and only put a stamp on the packages. Of course, these did not go through. We have never taken in a mouthpiece that is not approved for use in Norway. The quality control is good, and we follow a list of approved factories from the Chinese authorities. That’s how it must be, says the series founder.
Idar Vollvik at Ludo has control over how many people shop online. Photo: Marit Hommedal / NTB scanpix
Photo: Marit Hommedal (NTB scanpix)
At most, Vollvik has sent out 2.5 million sanitary napkins in one day to Norwegian customers. The income amounts to between 70 to 80 million kroner so far, according to Vollvik. The online newspaper Økonomis review shows that Ludo store is the cheapest in the class when it comes to packages with 50 face masks.
Vollvik rejects that there is a difference in the quality of the sanitary napkins from Ludostore and those that are sold for NOK 150 more at Farmasiet, Boots and Apotek 1. The 52-year-old emphasizes that the quality of the sanitary napkins is very important, and that the online store has a good dialogue with Norwegian authorities.
However, it is not the bandages that create the big profit. The margins are small, and Vollvik is dependent on customers also going to purchase goods such as disposable gloves and hand alcohol dispensers.
– Non-contact dispensers are in fact what is sold most in kroner and øre. We have a fairly good profit on face masks, but our strategy is that we have many other products that can generate additional sales, says Vollvik.
– What about the prices of face masks, then? Can you go lower, or do they have to go up again soon?
– At least the price will not go up! Not with me anyway. We keep the prices, says Vollvik.
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