The philosophy of Maurici Badia, a young Catalan engineer, who founded his small website furniture was to propose A sustainable, artisanal and local product. The year was 2017, and Badia, who had just arrived in Spain after living abroad, had started marketing her products on Instagram and Wallapop. The designs were their own; Production on demand and from third parties. “We hit the nail on the head,” he would later explain in an interview in El País. “Since the 2008 crisis A number of workshops of artisans willing to work throughout Spain.
This is how Hannun was born; The war against ‘fast furniture’ – the mass and overseas production of furniture and the resulting environmental impact – was the centerpiece of his talk. It didn’t go bad. Hannun has raised several million euros in investment to expand and will open in June 2022 Started trading on BME Growth, startup market. At that time it had an annual turnover of 4 million euros. It entered the stock market with a higher valuation. thirty million euros.
From that moment on, things changed. “They restructured the company. They laid off a few employees A former employee of the company says they created a ‘hub’ in Central Europe to make it more economically interesting. “They sold it as a logistics ‘hub,’ but here’s what they did: Moving some of the production to cheaper countries: one of the most viral products, With more sales and more margin, they brought them to Barcelona to distribute from there. “They paid attention to communication because they presented themselves as a sustainable company for production and distribution in Spain.”
Here are the cheapest countries Poland and Hungary. As can be seen from the BME founding brochure, the company started working with Hungarian and Polish suppliers months ago, but at that time they represented a minimum percentage of the total. The medium- and long-term goal was to increase production in these regions to improve margins and “deliver competitive retail prices”. so sell Furniture produced in cheap countries to customers in rich countries.
As can be seen from the information published by the company on BME today (it is obliged to do this because it is listed), Hannun sells in Germany, France, Italy and Portugal. It recently launched websites for Austria, the Netherlands, Luxembourg and Belgium. They only produce in Hungary and Poland. They continue sales and production in Spain. Best-selling products include shelves, modular shelves, headboards and mirrors. They are almost always offered at a discount.
This turn in business allowed Hannun reduce production costs by “up to 30%”. Its goal for the rest of the year is to increase production in cheaper countries, improve logistics (“including direct shipments from Central Europe,” public documents state) and combine “low production costs and high purchase price” with “proximity, proximity” components. quality and sustainability”. Asked if there had been any changes consistent with speech Contrary to sustainable, domestic production and ‘fast furniture’, the company refrained from making any statements.
Hannun until writing this article In the “Our Workshops” section of the website, no information was provided regarding the existence of suppliers outside Spain. After asking this, they added a map and photos of a Polish craftsman and another Hungarian, who, unlike the Spanish craftsmen, had no explanation or advertising video.
Founder, separate
The relocation of production was not the only major and final change at Hannun. IPO also Founder Maurici takes over BadiaAs many knowledgeable sources explained to this newspaper. Badia retains 6.8% of the firm and remains a director of the company, but has been removed from day-to-day operations. The decision was taken at the Shareholders’ Meeting, as he stated in his farewell letter to the team in November last year. However there is no trace of him In BME public documents. Even the company’s close collaborators were unaware of this.
A year ago, Badia had planned to return from paternity leave on September 12, 2022. “I recently became a father for the second time. I was going to return to Hannun today: You know that entrepreneurs and losses don’t go together. However, I spoke to Joan on Friday and was asked to step aside to process this discharge. He asked me if this was possible. he was supposed to run the company In the coming months. “We have very different visions,” the founder said in a video sent to employees via Slack. Joan Álvarez is the current CEO. He joined the company two years after its founding. “I was asked to be the vision and leadership of Joan, who is there. I’ll go away for a while“.
A month and a half after the video, Badia sent an email stating that she would definitely not continue working at Hannun. “Always remember, if we have too many followersWe even have fans and we have raised millions of euros in investments, this did not happen by starting a furniture company. Actually, if you look at it this way We’re the worst furniture company in history: We just spent a fortune and had fun along the way. haha (…) We gave people a dream, the dream that the ‘fast furniture’ industry could be changed,” he wrote and added a message: “Just an information: “Steve Jobs was fired from his company, and when he came back, Apple became the best version of the company.” Badia did not respond to a request for information from El Periódico de España of the Prensa Ibérica group.
As a result, Hannun’s numbers are increasing. With its inclusion in BME, The company emerged from technical bankruptcy and in 2022, he finally declared a positive net worth. Even though it continues to lose money layoffs and relocation of production allowed it to increase its margins.
Hannun states the following in his report for the first half of this year: You’ve finally managed to make money from selling products, even after investment in marketing. It acquired a British panel company (Artesta) and a Danish furniture company (We do Wood). It aims to close the year with sales of 7.7 million euros. But this news is still not reflected in share valueToday, this figure is worth 0.2 euros, four times less than a year ago.