Heartland
Also known as Heartland A/S
Aarhus holding and investment company of the Holch Povlsen family; owns Bestseller, majority stakes in Normal, nemlig.com and Whiteaway, and minority stakes incl. Klarna, Zalando and Lunar.
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Aarhus holding and investment company of the Holch Povlsen family (Bestseller). Not to be confused with the many unrelated companies named Heartland (e.g. Heartland Payment Systems, US), and distinct from Bestseller A/S itself, which Heartland owns 100%.
Family & background
- FAMILY
- Holch Povlsen
- WEALTH ORIGIN
- Fashion retail (Bestseller)
- HEADQUARTERS
- Aarhus, Denmark
Investment approach
- STAGES
- GrowthBuyout
- ROUTES
- Companies (own capital)
- STRATEGIES
- Direct investmentsReal estate
- INBOUND
- Accepts submissions
Overview
Heartland A/S is the family-owned investment company of the Holch Povlsen family, headquartered in Aarhus, Denmark, with Anders Holch Povlsen as founder and chair of the board and Lise Kaae as CEO (sole member of the Executive Board). Its roots are in fashion: it owns 100% of Bestseller, and its four largest majority-owned companies are Bestseller, Normal (67%), nemlig.com (73%) and Whiteaway Group (57%). The annual report 2024/25 states the portfolio has expanded into fintech, renewable energy and fast-moving consumer goods; its group chart shows 10% stakes in Klarna Group plc and Zalando SE and a 28% stake in ASOS plc, and Heartland holds 75% of the Topshop and Topman brands in partnership with ASOS. The subsidiary Wildland leads nature restoration in Europe and Africa, Constantinsborg holds nature reserves, forests and agricultural interests in Denmark, and AAA United is the property development arm. For the financial year 1 August 2024–31 July 2025 the group reported revenue of DKK 64.4 billion, profit before tax of DKK 6.4 billion and equity of DKK 39.2 billion.
Investment thesis
Family-owned, long-term investor whose portfolio is intentionally diverse: roots in fashion remain a key area of focus, with strategic expansion into fintech, renewable energy and fast-moving consumer goods; it prioritises founder-led partnerships, people and the right mindset and values over sector constraints, alongside stewardship of natural and cultural heritage.
Holdings & investments (9)
- Bestseller (100%)NOTABLEConsumer & E-commerce
- Normal (67%)NOTABLEConsumer & E-commerce
- Klarna Group plc (10%; listed since its September 2025 IPO, part of stake sold)NOTABLEFintech
- FirstFarms A/S (via Constantinsborg A/S; 10.77% after a directed share issue in February 2024)Food & Agriculture · since 2024
- nemlig.com (73%)Consumer & E-commerce
- Whiteaway Group (57%)Consumer & E-commerce
- LunarFintech
- Zalando SE (10%; listed company)Consumer & E-commerce
- ABOUT YOUConsumer & E-commerce · Exited (sold to Zalando in its 2024/25 public tender offer)
People
Frequently asked questions
Heartland is a family holding based in Aarhus, Denmark.
Heartland invests on behalf of the Holch Povlsen family (Fashion retail (Bestseller)).
Heartland invests its own capital into companies. Its stated asset mix includes direct investments and real estate.
Heartland invests at Growth and Buyout stages in Consumer & E-commerce, Fintech, Climate & Energy, Food & Agriculture and Real Estate & PropTech.
Key people at Heartland include Anders Holch Povlsen (Founder and Chair) and Lise Kaae (CEO).
Heartland's holdings and investments include Bestseller (100%), Normal (67%), Klarna Group plc (10%; listed since its September 2025 IPO, part of stake sold), nemlig.com (73%), Whiteaway Group (57%), Lunar, Zalando SE (10%; listed company) and ABOUT YOU, among others.
The most recent publicly reported investment by Heartland is Lunar (EUR 46M capital increase (existing investor)), announced in Jan 2026.
Heartland states that it accepts submissions through its official contact page.