Despite a backdrop of difficult trading conditions, caused by inflation and rising interest rates, MHK Group reported a turnover of €9.7billion in 2022, up 9.1% on 2021.
Speaking at its annual International General Meeting in Berlin, newly appointed CEO Volker Klodwig reported: “The drop in our partners’ turnover was much lower in the first four months of this year than expected.”
However, the group also stated sales from its 3,877 membership, from April, was 4.5% above its annual plan.
While the core kitchen market declined in Germany by 6%, sanitaryware, heating and air conditioning grew by 20%.
Volker Klodwig added: “If you neglect the special economy that came into being in the years of the Corona pandemic and take the result from 2019 as a reference with a view to the long-term development, we were able in the first four months of 2023 to achieve clear and disproportionately high growth of more than 46% in the kitchen market.”
He attributed the resilience to its retail partners, where the average value of a kitchen sale in 2022 was €17,570, up 16% on the previous year, and the competences of MHK.
According to an online survey undertaken by MHK, in Germany, over 75% of consumers rely on specialist retailers and specialist trades when planning a purchase or renovation of kitchens or bathrooms
In addition, MHK reported consumer willingness to invest, as the survey found over the next two years 20% of people intended to spend more than €25,000, with a further 18% intending to spend between €15,000-€25,000.
Supporting its retailers MHK Group introduced enhanced realism for its Carat planning software – CARATemotion, with an ERP system available in early 2024.
Its international general meeting, which attracted 3,580 guests, included an exhibition space of around 7,000sqm, boasting 107 brands including AEG, Asko, Schuller and Brigette.
Completing its international general meeting MHK revealed the winners of its Golden Triangle Awards for kitchen and bathroom design.
Germany’s Most Beautiful Bathroom of the Year was awarded to Dominick Seeberger and Marcus Wolfel of Bader mit Pfiff, while the country’s Most Beautiful Kitchen of the Year was the work of Maria-Christin and Peter Schwarzkopf from Kuchenatelier Schwarzkopf + Schwarzkopf.
Europe’s Most Beautiful Kitchen Award, with representatives from seven countries, including Sarah Eynon from Alistair Fleming Woodworks in the UK, was presented to Enrico Fleuren of Loomans Keukens from the Netherlands.