CDON
CDON is a Nordic e-commerce marketplace group centered on the CDON and Fyndiq online platforms. The business connects consumers with third-party merchants and also includes a smaller first-party retail offering, with operations headquartered in Stockholm and focused on the Nordic market.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueThird-party marketplace sales where CDON earns service income and transaction fees.
First-party sales of goods sold directly by CDON through warehouse or dropshipment.
Marketplace platform operated under the Fyndiq brand for consumer goods and merchant listings.
Fees, commissions, and related service income generated from marketplace activity.
Customers
CDON serves consumers shopping online for a broad mix of everyday and discretionary products, with categories including consumer electronics, groceries, clothing, shoes, and pharmacy products. Its merchant customers are third-party sellers that use the platforms to reach Nordic shoppers and benefit from CDON’s marketplace infrastructure and customer reach.
Buy consumer goods across categories such as electronics, groceries, apparel, shoes, and pharmacy items.
List products on CDON and Fyndiq to access Nordic demand and use marketplace services.
Use the platform to reach Nordic customers with broader assortments and cross-border supply.
Purchase goods sold directly by CDON through warehouse or dropshipment.
Strategy
CDON’s stated direction is to grow its marketplace business, raise take rate over time, and expand share in Nordic e-commerce. Recent disclosures also point to priorities in retail media, Nordic expansion, brand marketing, and a stronger focus on larger European merchants, all aimed at improving platform scale and merchant reach.
Scale improves merchant attractiveness, consumer choice, and platform economics.
Higher monetization per transaction supports platform economics without relying only on volume.
More and larger merchants increase selection and improve consumer relevance.
Geography
CDON is headquartered in Stockholm and operates primarily in the Nordics, with Sweden representing the largest share of GMV disclosed in reports. The company also sources and works with merchants in Europe and China, which makes cross-border marketplace operations an important part of its supply and compliance exposure.
Risks
CDON’s marketplace model depends on reliable IT systems, merchant trust, and continued consumer traffic, so outages, cyber incidents, or fraud can quickly affect operations. The company also faces cross-border supply-chain and compliance risks because merchants and products span Europe and China, while competition from international marketplaces and pricing pressure can affect traffic and conversion.
- Merchant and payment fraudImpact: HighLikelihood: Medium
The business processes customer payments and relies on merchant fulfillment and compliance.
Exposure - Supply-chain human rights and corruption exposureImpact: HighLikelihood: Medium
Merchants operate in Europe and China, where oversight and standards can vary.
Exposure - IT and data-related disruptionImpact: High
Marketplace operations depend on uptime, data integrity, and secure transactions.
Exposure - Competitive pressure from foreign marketplacesImpact: MediumLikelihood: High
Aggressive pricing and international platforms can divert traffic and reduce conversion.
Exposure: Nordic e-commerce market share
- Impairment of goodwill and capitalized developmentImpact: MediumLikelihood: Medium
Platform businesses rely on assumptions about future cash generation and growth.
Exposure
Accounting
Judgemental itemsService income is recognized in the 3P marketplace segment, so timing and classification affect reported revenue.
Impact: Net sales versus GMV comparability
Management uses GMV and take rate to describe platform economics, but these are non-IFRS operating measures.
Impact: Underlying growth and monetization analysis
Acquired goodwill and capitalized development costs depend on future cash flow assumptions.
Impact: Potential non-cash write-downs
Amortization periods affect operating profit and asset carrying values.
Impact: Expense timing and balance sheet values
First-party retail and merchant arrangements can create provisions or write-downs.
Impact: Gross profit and working capital
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Last updated: 24/09/2026