The Flying Tiger Copenhagen CEO change became official on 19 February 2026, when the Danish variety retailer appointed Jens Aarup Mikkelsen as Group CEO, replacing Martin Jermiin after seven years in the role. The leadership switch comes as parent company Zebra A/S continues a debt-reduction and growth plan backed by a new ownership structure involving Nordea and Danske Bank, and an expansion strategy increasingly built around franchising.
What changes at Zebra A/S after Martin Jermiin steps down
In a statement published by Flying Tiger Copenhagen, Zebra A/S chair John Dueholm said the company is choosing an internal successor to secure “continuity, stability and continued momentum”. Jens Aarup Mikkelsen, previously CEO International, has been part of the leadership team since 2019 and will take over as Group CEO on 19 February 2026.
Jermiin is leaving day-to-day management but will remain on Zebra A/S’s Board of Directors, keeping a formal role in the group behind the brand. The company has not detailed his next position beyond stating he will continue his career outside Flying Tiger Copenhagen.
Why franchising outside Europe matters to the new CEO
The appointment underlines Flying Tiger Copenhagen’s focus on international growth, where franchising has become a key engine. According to the company, Mikkelsen has led the franchise expansion outside Europe since 2021, an area Zebra A/S expects to drive future store openings.
In his first comment as CEO, Mikkelsen said the strategic direction is unchanged, pointing to “disciplined execution” and a continued effort to strengthen the chain’s “international footprint”, while preserving the brand’s low-price, design-led concept.
The Nordea and Danske Bank-backed ownership reset
Flying Tiger Copenhagen’s CEO transition follows a major shift in the group’s capital structure announced in 2025. In June 2025, Zebra A/S said it received DKK 1.4 billion (€188 million) in new capital, allowing the company to repay legacy debt that had constrained strategic flexibility.
The same announcement described a management-led buyout, with then-CEO Martin Jermiin and CFO Christian Kofoed Hertz Jakobsen becoming majority owners, supported by banking partners Nordea and Danske Bank. Investment company Treville & Co., the main shareholder since 2021, exited the ownership group as part of the transaction.
Record revenue and a larger footprint set the context
Zebra A/S reported that Flying Tiger Copenhagen’s 2024 revenue reached DKK 5.2 billion (€697 million), with EBITDA at the highest level in the company’s 30-year history. The retailer also highlighted the opening of its 1,000th store and entry into new markets through franchise partnerships.
In September 2025, the company said it had over 1,000 stores across 41 markets, with Southeast Asia identified as a growth priority and plans for significant store roll-outs through regional franchise partners.
What to watch in 2026 for the Nordics’ retail exports
For Nordic retail brands, Flying Tiger Copenhagen is often treated as a case study in exporting a Copenhagen-based concept at scale, without fully relying on corporate-owned stores in every new market. The combination of a leadership change, reduced debt, and bank-backed ownership support suggests the company intends to keep accelerating abroad—while keeping strategic control anchored in Denmark through Zebra A/S.
If the franchise strategy continues to expand in Asia, the Middle East and North America, Flying Tiger Copenhagen’s next challenge will be maintaining a consistent brand experience across many partners, while dealing with cost pressures that are reshaping discount and variety retail across Europe.
