The designer Lovo with her containers

Our Business Model

We design our own products

Our product range is developed in our own product department and is inspired by our Danish heritage, with a strong focus on product relevance and uniqueness. Our first graphic designer was hired in 2006 and now we have a whole in-house design department creating graphic design as well as product design in close cooperation with our Product Managers.

Our assortment includes categories ranging from home, kitchen, hobby and party to toys, electronics and gadgets, food and accessories and has a broad appeal across age and income groups. Each month the assortment is refreshed with around 300 new products divided into two product campaigns, typically adapted to seasonal themes and/or festive occasions, e.g. Valentine’s day, Back-to-School, Halloween, or Christmas.

The seasonal campaign products are complemented by our fixed assortment consisting of around 1,000 products that are relevant across seasons.

Coat hanger with a cap


While the continuous work with product selection, innovation and development is mainly carried out internally, production is outsourced to external suppliers who commit to our Supplier Code of Conduct and our quality and ethical policies, while working under our supervision.

All products go through our product safety process, which coupled with our test programme ensures that quality and compliance requirements are met.

In order to ensure an optimal product execution in stores, we have established a cross-functional sales and operations planning process.
This process monitors the full supply chain status and alerts in due time in case of any discrepancies in targets or planning.



An efficient logistics operation providing our stores with on-time deliveries is a cornerstone in our business. We work with a number of logistics providers to ensure scalable and cost-efficient operations around the globe. In 2019, our logistics centres in Copenhagen (DK), Raunds (UK), Barcelona (ES), New Jersey (US), Shanghai (CN), Shimizu (JP) and Icheon (KR) shipped more than 500,000,000 pieces to our stores.

Picture from a store with an employee and a customer


In 2019 we opened less stores than in previous years and focused on consolidating our store network and functions and also strengthening the backbone of our business to prepare for solid growth in the future.

Our stores are leased to minimise upfront investments and are located in high-footfall locations on high streets and in popular shopping malls. The typical size is between 150 and 250 m2 of selling space. The store appears open and light, laid out in a maze, simple to navigate, enabling the customer to seek inspiration and discover the full range of products as they go along, while the friendly, recognisable music creates a welcoming atmosphere.

Box with paper clips

The décor is Scandinavian with unpretentious, practical, wooden furniture, white walls and warm lighting from simple pendants that illuminate the products.

We want to ensure a positive customer experience and we believe that our store employees play an integral role in doing so. Their dedication and commitment to our concept is key for our customers’ shopping experience and the perception of our brand. We owe a great part of our success to our store employees, as they interact with thousands of customers on a daily basis. We prioritise the development and training of our staff, as we believe that this will help us sustain a fun and inspiring customer experience.


Corporate backbone

Our rapid growth over the past decades is supported by a flexible and scalable supply chain model, investments in new IT infrastructure and continued strengthening of the organisation and business processes. It is a strategic imperative to continue to strengthen our backbone to cost-effectively support future growth.

Stacked books in many colors

Financial and operating model

We have an operating model with a governance structure anchored around our management team. Management monitor and review the business units’ operational and financial performance, aiming to proactively take advantage of opportunities as well as address potential challenges in our markets.

One area of focus is to ensure efficient supply chain operation and processes with low working capital requirements to service our stores effectively.

We look to free up capital for future country partner buy-outs and generally to support continuous developments of our business. Our initiatives aim to improve inventory levels by lowering lead time from purchase to sale, strengthening our forecasting process and improving working capital as well as enhancing coordination across the organisation.

Customers in a Flying Tiger Store

Partner model

Establishing stores in new markets has generally been achieved through 50/50 owned partnerships with a local partner, which ensures local entrepreneurship and significantly increases our organisational capacity for international expansion while reducing the risks when entering new markets.

A jointly owned local company is set up, and Zebra shares investments, costs and profits with the local partner. In other words, the cooperation is a business partnership. The partnership is assigned a certain territory, with the size of the territories ranging from a region to an entire country.

Figure showing the corporation between Zebra A/S and the local partners

Zebra owns the concept and brand, supplies the products, store interior and marketing material, while the local partner is responsible for store roll-outs and day-to-day operations including staff, training and local marketing under specific guidelines set out by Zebra.

Partners are typically individuals or a small group of people with an entrepreneurial mindset who are appointed after a thorough selection process based on their operational capabilities to roll out the concept as well as their retail experience, local market knowledge, managerial and financial capacity.

Flying tiger containers in many colours

The partnership model has a contractually defined exit mechanism. The partner holds put options that grant them the right to sell their non-controlling shares to Zebra in two windows annually and with a one-year notice period at redemption prices based on contractually defined EBITDA multiples. At the same time, Zebra holds call options to acquire the partner’s shareholding, which are exercisable based on contractually defined EBITDA multiples. For accounting purposes, Zebra is considered to have control over the partnerships, and they are therefore fully consolidated. The only exception is the Japanese joint venture, which is therefore not consolidated.

It is part of Zebra’s strategy to take full ownership of the local operating companies when this is assessed to be more beneficial than the partner model. Zebra operates companies in Denmark, Sweden, Norway, Finland, Iceland, Southeast and Northern England, Scotland, Ireland and Northern Ireland, the Netherlands, Poland, Northern Italy, parts of France, United States, Germany as well as a large part of Spain including areas around Barcelona, Madrid, Mallorca and Valencia.

Going forward, a franchise model will be used to enter new markets.

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