ELKO Group, an IT and consumer electronics distributor founded in 1993 in Lithuania, has acquired 78.95% of Renewed AB through its subsidiary Gandalf Distribution AB. The Sweden-based recommerce company specializes in refurbished electronics, including Apple iPhones, tablets, smartwatches, and laptops. The acquisition marks ELKO Group’s entry into the circular economy market.
A strong player in refurbished electronics
Renewed AB has built a reputation in the refurbished electronics space, operating with a diversified sales model and scalable processes. Headquartered in Stockholm, the company collaborates with a regional network of suppliers and service partners. In 2024, Renewed AB reported € 12.3 million in sales, reflecting its rapid growth and strong market position.
Growing demand for refurbished devices
The global market for refurbished electronics is expanding due to rising consumer demand and sustainability trends. Analysts project the sector to grow at a CAGR exceeding 10% from 2024 to 2030. As the recommerce segment continues to outpace new device sales, companies with strong expertise are becoming essential to meeting increasing complexity and demand.
Strategic vision behind the acquisition
ELKO Group sees the acquisition as a key step in broadening its portfolio and leveraging Renewed AB’s expertise. "Recommerce growth is accelerating, and specialist knowledge is vital to ensure strong performance in this segment," said Svens Dinsdorfs, CEO of ELKO Group. "Renewed AB’s innovative and scalable approach will help expand ELKO’s footprint in this market."
A new growth phase for Renewed AB
Renewed AB’s CEO, Benjamin Kibebe, expressed enthusiasm about joining ELKO Group. "We have built a leading recommerce brand with a strong presence across multiple sales channels. Partnering with ELKO will enable us to scale faster, expand internationally, and strengthen both our B2B and D2C strategies."
Market
Trade-in
Repair
Refurbishing
