What was Lars Larsen’s net worth?
Lars Larsen was a Danish entrepreneur who had a net worth of $4 billion at the time of his death in August 2019. Lars Larsen earned his fortune as the founder and owner of the JYSK retail conglomerate. At the peak of his life, Lars Larsen was the second richest person in Denmark and the 363rd wealthiest person in the world.
Widely known in Denmark as “the duvet king,” Larsen built his business from a single store in Aarhus into a multinational empire operating in more than 50 countries. His straightforward, low-cost retail model, combined with a personal touch and shrewd business instincts, made him one of the most successful self-made businessmen in Scandinavian history.
Early Life
Lars Kristinus Larsen was born on August 6, 1948, in Arnborg, Denmark. Raised in a modest household, he left school at age 14 and began working various jobs, including as a traveling salesman, where he learned firsthand about customer behavior and the value of persistence. Those early experiences shaped his business philosophy: sell quality products at reasonable prices and treat every customer with respect.
By the mid-1970s, Larsen had developed an idea for a store that would sell everyday home goods—especially bedding—at affordable prices to ordinary Danish families. He saved enough money to open his first shop, and that decision would set him on the path to becoming one of Europe’s most successful retailers.
(Photo by HENNING BAGGER/Ritzau Scanpix/AFP via Getty Images)
Founding of JYSK
In April 1979, Larsen opened his first JYSK store in Aarhus, Denmark, under the name “Jysk Sengetøjslager,” meaning “Jutland Bedding Store.” The concept was simple but innovative: offer high-quality duvets, mattresses, towels, and home goods at competitive prices in a no-frills retail environment. The approach resonated instantly with Danish consumers, and the store’s success allowed Larsen to expand quickly across Denmark.
In 2001, the company rebranded as “JYSK,” a name shorter and easier to use in international markets. Larsen personally oversaw every step of the expansion, developing a recognizable blue-and-white logo featuring a goose and a consistent brand identity centered on affordability, reliability, and Scandinavian simplicity.
JYSK’s success mirrored that of global discount retailers such as IKEA and Aldi, but with a uniquely Danish sensibility. By the time of Larsen’s death, JYSK had grown to more than 2,800 stores across Europe, Asia, and North America, employing tens of thousands of people. The company’s steady expansion was supported by Larsen’s hands-on management style and his belief in decentralized decision-making, which empowered local managers to adapt to their markets while maintaining the company’s core values.
Business Philosophy and Other Ventures
Larsen’s leadership style was marked by a mix of pragmatism, loyalty, and humility. He became a familiar public figure in Denmark thanks to his appearances in the company’s television commercials, where he often ended with the line “Jeg har et godt tilbud” (“I have a great offer”). His charisma and authenticity helped cement JYSK’s reputation as a trusted national brand.
Beyond JYSK, Larsen owned or invested in several other businesses, including the hotel chain Himmerland Golf & Spa Resort and various real estate ventures. He also launched the family holding company Lars Larsen Group, which today manages JYSK as well as his other investments across manufacturing, hospitality, and retail.
Philanthropy
Larsen was known for his generosity and quiet philanthropy. He made significant donations to Danish charities, cultural projects, and community initiatives, often without seeking public recognition. The Lars Larsen Group continues that tradition, supporting causes related to education, health, and youth development throughout Denmark.
Personal Life and Legacy
Larsen was married to Kris Larsen, and the couple had two children. Despite his immense wealth, he was known for his modest lifestyle and straightforward personality. In 2019, shortly before his death, he stepped down as chairman of JYSK due to health issues, passing leadership to his son, Jacob Brunsborg.
Lars Larsen died on August 19, 2019, at the age of 71. At the time of his passing, he was one of Denmark’s richest men, with an estimated fortune in the billions. His entrepreneurial spirit, discipline, and lifelong commitment to value-driven retail left an enduring mark on Danish business culture.
Today, JYSK remains fully owned by the Larsen family through the Lars Larsen Group, which continues to uphold his guiding principles of honesty, quality, and affordability. His story is a defining example of how vision and perseverance can turn a single small shop into a global success story—and how a self-made businessman from rural Denmark became one of Europe’s most respected corporate leaders.
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