Thule Group AB

Invested through
  • Triodos Future Generations Fund
  • Triodos Impact Strategy Fund - Defensive
  • Triodos Impact Strategy Fund - Balanced
  • Triodos Impact Strategy Fund - Offensive
  • Triodos Impact Strategy Fund - Dynamic
Asset ClassesListed equity
Impact strategyImpact Equities and Bonds
ISIN codeSE0006422390
Industry groupConsumer Durables & Apparel
Aligned with SDGs
  • Good health and well-being

Thule is a world leader in products that support active lifestyles. The company offers products within the following product categories:
• Sport & Cargo Carriers - 67% of revenues (e.g. roof racks, rooftop boxes, bikes carriers, water and winter sports equipment being transported by car);
• RV Products - 15% of revenues (e.g. awnings, bike racks and tents for motor homes and caravans);
• Active with Kids - 12% of revenues (e.g. bike trailers, strollers, child bike seats);
• Packs, Bags & Luggage - 6% of revenues (e.g. hiking backpacks, suitcases and camera bags).

Thule primarily serves western markets. Per geographical area, majority of revenues are from Europe (68%, with 4% in Sweden), followed by North America (27%), with the rest from other regions (5%). The company has about 3,300 employees at 9 production facilities and 35 sales offices worldwide. Its products are sold in 140 markets and in 2021 sales amounted to SEK 10.3 billion (EUR 1 billion).

Investment rationale

Thule's products encourage sports, an active urban lifestyle, and outdoor activities at weekends and holidays. Its Sport & Cargo Carriers, 67% of revenues with over 50% of global market share, enables its customers to take their bikes and sports equipment to holiday or recreational destinations.

Additionally, Thule's Active with Kids product line, its fastest growing category, improves mobility for people with children. Thule's strollers designed for urban environments and different types of terrain make it easy for users to get around comfortably out in the city or in nature. Furthermore, Thule's line of bike trailers and child bike seats encourage urban commuting by bike, especially in cities where cycling is integrated in daily life. For its products that support commuting with children by foot, bike, and public transport (e.g. strollers), Thule is also a fit with Sustainable Mobility and Infrastructure. Finally, Thule is well-known for its high product quality and safety and incorporates sustainability into its development and design stage early on. We therefore believe that the company also makes a positive contribution to child prosperity, as it enables children to be outside with their parents in a safe way.