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Christian Stadil

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Christian Stadil
Christian Stadil
BornNovember 9, 1971 (age 54)
Gentofte, Denmark
NationalityDanish
EducationHerlufsholm School (1989)
OccupationBusinessman, investor, author
CompanyThornico
TitleChief executive officer and owner
SpouseAlice Brunsø (m. 2018)
Children4

Christian Nicholas Rosenkrantz Stadil (born November 9, 1971) is a Danish businessman and investor who is the owner and chief executive officer of Thornico, a family-controlled conglomerate based in Denmark whose companies include the sportswear brand Hummel, the egg packaging maker Hartmann and the egg and dairy ingredient producers Ovodan and Lactosan.[1][2] He built the group together with his father, the corporate lawyer Thor Stadil, from the 1990s onwards; the name Thornico combines the first names Thor and Nicholas.[3]

Stadil is best known in Denmark for the revival of Hummel, a sports brand founded in Germany in 1923 that had gone bankrupt in 1994 and which he and his father acquired in 1999.[4] He repositioned it as a "sport fashion" label worn by musicians and celebrities, and later attached it to a corporate social responsibility programme he called "Company Karma", which he has described as "CSR 3.0 on steroids".[5] The idea gave its name to a book he co-wrote with the management professor Steen Hildebrandt.[2]

Under the Stadil family's ownership, Thornico passed DKK 10 billion in annual revenue for the first time in 2021.[6] The family's business record also includes the collapse of several shipping companies in 2020, the dismissal and police report against Hummel's long-serving chief executive in 2017, and a contested 2023 buyout of Hartmann's minority shareholders.[7]

Outside business, Stadil was one of the original investors on Løvens Hule, the Danish version of Dragons' Den, from 2015 to 2019, has taught creative leadership as an adjunct professor at Copenhagen Business School, and was appointed honorary consul of Bhutan in 2022.[8][2] On May 1, 2026, he became chairman of the board of Niels Brock Copenhagen Business College.[9]

Early life and education

Stadil was born on November 9, 1971, in Gentofte, north of Copenhagen, by emergency caesarean section; he is an only child.[10] His father, Thor Stadil, born in 1944, graduated in law from the University of Copenhagen in 1971 and practised for many years as a corporate lawyer, including as a partner at the firm Pontoppidan, Philip & Partnere, while building a portfolio of private investments.[11][7] His paternal grandfather, the wholesaler Aage Stadil, had been a co-owner and board member of the egg processing business Lactosan-Sanovo, a stake Thor Stadil inherited and later expanded by buying out his sisters' shares together with his brother.[7][12]

His mother, Kis Malling, modelled for French Vogue and later worked as a stylist and photographer. Stadil was a child model himself and told The Daily Telegraph in 2013 that his mother "had a great influence on how I dressed".[4] He has said that his interest in Buddhism began at the age of 12, when he attended a martial arts summer camp.[4] Stadil has described a close relationship with his father, with whom he shared interests in business, skiing, surfing and mountaineering; the two have climbed a combined total of about 102 vertical kilometres together.[12][3]

Stadil attended Herlufsholm School, a boarding school, where he took up boxing and, by his own account, went to class in military uniform.[4] He completed his upper secondary examination there in 1989. From 1990 to 1992 he served as a sergeant in the Royal Life Guards.[10] He then studied law in Aarhus but left after two years to work full time on the rescue of Hummel, in which his father had taken a large shareholding.[10]

Career

Early business career and Thornico

After leaving university, Stadil moved into property investment and took charge at Thornico, the family investment company.[4][2] Accounts of the company's origins differ slightly. Lex, the Danish national encyclopedia, states that Thornico was founded by Thor Stadil in 1991 to hold his private business investments, with his son as owner, after which Thor Stadil gave up his legal career to concentrate on business.[7] Finans reported in 2022 that the company was founded in 1991 by father and son, and that Christian Stadil had been the principal shareholder of Thornico and its Hummel companies from the start.[6] Thornico itself says the group "took its form around the millennium", when the two secured their investments in Hummel, Sanovo Technology Group, Lactosan and Ovodan.[3]

Lactosan-Sanovo, the egg business inherited by Thor Stadil, was divided under Thornico's ownership into separate companies: Ovodan, which produces egg powder; Sanovo Technology Group, which makes equipment for egg production and processing; and Lactosan, which produces cheese powder.[7][12] In a 2025 interview with Forbes, Stadil called his father "the Danish Warren Buffett" and credited him with the group's acquisition expertise.[12]

By 2012, CNN described Thornico as a group of more than 100 companies spanning food, technology, shipping, sports fashion, real estate and financing.[5] The Telegraph described Stadil in 2013 as co-owner of the group with his father.[4] In later years, Finans reported that Christian Stadil owned the group while Thor Stadil served as chairman of the board, and Berlingske described the two respectively as managing director and chairman.[6][13] As of October 2026, Thornico describes Stadil as its "CEO and Owner" and Thor Stadil as chairman of the board.[9][11]

Hummel

Hummel was established in Hamburg in 1923 and was Danish-owned from the early 1980s. Its sponsorship of the Danish national football team, which won the 1992 European Championship in Hummel shirts, made it widely known in Denmark, but the company had expanded too quickly and ran into financial difficulty.[14] It went bankrupt in 1994.[4] Thor Stadil had become a co-owner during his time as a corporate lawyer, and the Stadil family took over the company in 1999.[7]

Stadil has said that he first thought buying Hummel was "a terrible idea", and that his father persuaded him otherwise. At the time, he told Forbes, many in Denmark regarded it as "the brand with the worst image".[12] He told the Telegraph that when he bought it, "it was absolutely not trendy".[4] Under Stadil, Hummel relaunched original sports styles and named the business area "Sport Fashion".[14] According to the company, the brand was subsequently worn by performers including Jennifer Lopez, Pink, Robbie Williams, Jon Bon Jovi and No Doubt.[14][5] Stadil has described a 2001 People magazine cover on which Lopez wore Hummel as "a turning point".[12] In a 2008 report, the trade publication Sporting Goods Intelligence wrote that the Stadil family would take a less active role in management now that Hummel's return to profitability was confirmed.[15]

Hummel's chief executive for more than 20 years was Søren Schriver. In 2017, the Stadil family dismissed him and reported him to the police for fraud (see Controversies).[7] His successor, Allan Vad Nielsen, joined from Bestseller in August 2017. In 2017, Vad Nielsen and Stadil, as owner and chairman, presented a strategy called "Fit for fight", which involved a reorganisation and the dismissal of 25 employees.[13] In January 2020, Hummel reported that its 2019 sales had grown by 10 percent to the highest level in its history, and announced its first acquisitions: the Danish running apparel brands Newline and Halo, bought from the Funen tobacco company Halberg for an undisclosed sum.[13][16]

Vad Nielsen stepped down as group chief executive in 2024 after seven years, during which, according to Thornico, Hummel's turnover grew from about DKK 1 billion to nearly DKK 2.5 billion. He was succeeded by the chief operating officer, Lars Stentebjerg. Stadil, described in the announcement as Hummel's owner and chairman, said Vad Nielsen had "truly awakened the sleeping giant".[17] Hummel's stated target is turnover of DKK 4 billion and profit before tax of DKK 300 million by 2028.[17] Hummel's revenue in 2024 exceeded €325 million (about DKK 2.4 billion); Forbes noted that the company had been through several difficult years, partly because of recession in Germany, its most important market.[12]

In 2021, Hummel signed a five-year kit partnership with Southampton F.C., returning to a club it had sponsored from 1987 to 1991.[18] Thornico's internal strategy to 2028 is called the "Southampton Plan" because it was drawn up during a visit to the club.[12]

Company Karma

Stadil developed "Company Karma" as a business philosophy and applied it first at Hummel and then across Thornico. Lex summarises it as the idea that a company's actions have consequences that return to it.[2] Speaking to CNN in 2012, Stadil said: "We have to think in a way that unites long-term business strategy with a concern for the world we are living in. Every action we take has a consequence." He described a goal he called the "four-time win", creating value for the company, its employees, partners and customers, and the wider world.[5]

Under the programme, Hummel sponsored football teams in Afghanistan, founded a football training academy in Sierra Leone in 2010, and supported a local team in Christiania in Copenhagen.[4] In the CNN interview, Stadil said, "Imagine girls playing soccer in a stadium where the Taliban used to execute people."[5] He told the Telegraph that larger brands could not sponsor the Afghan team because "for them it's too dangerous, too political, but as a smaller brand we can".[4] Stadil has insisted on the commercial side of the approach: "I always say: 'No money, no karma'", he told the Telegraph, and he told CNN that "just like a body needs blood to function, a company needs money to function".[4][5]

Forbes reported in 2025 that the philosophy draws on Buddhist teaching, and that Thornico's logo refers to the Buddhist image of Indra's net, in which each drop of water reflects all the others.[12] Thornico publishes an annual Company Karma sustainability report.[19]

Løvens Hule

In 2015, Stadil became one of the investors, called "lions", on the first season of Løvens Hule, the Danish version of Dragons' Den broadcast by DR.[8] He left after four seasons. In May 2019 DR announced that he had invested a total of DKK 7.7 million on the programme and would be replaced by the Coolshop founder Jacob Risgaard. Stadil cited "child number four on the way and a busy business of my own".[8] Investments he made on the programme included Min Bedste Bog, REC Watches and Burd Delivery in 2015, ISTID and EarLabs in 2016, and Myselfie in 2019, all held in Thornico's venture arm.[20] Forbes reported in 2025 that Stadil held about 20 start-up investments, partly sourced from his time on the show, and that he held the record for the highest and fastest return on capital among its investors.[12]

Thornico reported that Stadil invested on the programme again in 2026: in the gourmet confectionery brand Box The Original with Jesper Buch on the season premiere, in the sunrise alarm maker KAYDI with Anne Stampe, and in the therapist-matching platform Healper.[20][21][22] Explaining the Healper investment, he said that mental health "is part of a global megatrend".[22]

Later leadership of Thornico

In the 2020s, Stadil and his father began restructuring Thornico's leadership and ownership. According to Forbes, the "Southampton Plan" sets financial targets for each company and the group to 2028 and relies on promoting existing managers rather than recruiting from outside. Torben Rosenkrantz-Theil, chief executive of Hartmann, was to take a stronger role across the food and food technology businesses, while Stadil intended to concentrate on business development and innovation.[12] Stadil credits the group's results to a team that includes his father, the subsidiaries' chief executives and the chief financial officer, Marianne Schelde.[12]

In 2023, Stadil bought Harridslevgaard, a manor on Funen, which Thornico uses for its annual gathering and which its chief executives use to host customers.[12] Speaking to Forbes there in early 2025, he named new tariffs on raw materials and exports as "probably the biggest risk to our portfolio". Hartmann operates a large plant in Brantford, Canada, which exports 75 percent of its packaging to the United States.[12] In his statement on the group's 2025 results, which Thornico called the strongest in its history, Stadil said the consumer division faced "the highest level of consumer pessimism we have experienced in our history" and described markets such as Turkey as "exceptionally challenging".[23]

Leadership and management style

Stadil has presented diversification as Thornico's main defence against risk, even though, he told Forbes, many advisers had urged him to focus more narrowly. During the COVID-19 pandemic, Hummel was hit by the cancellation of large sporting events while demand for eggs and baked goods rose.[12] In announcing the 2021 accounts, he said that "our conglomerate structure, with risk diversification across various industries, markets and product groups, has once again shown its relevance".[24] Apart from Hummel, he generally prefers companies that hold a dominant position in a niche, such as Hartmann in moulded-fibre egg packaging and Lactosan in cheese powder.[12] He has said that a new investment "must make economic sense, but must also fit us thematically", and that purely financial investments without a long-term strategy do not interest him.[12]

His personal style has been part of how Hummel presents itself. The Telegraph described him in 2013 as "a bundle of eccentricities" who "espouses Buddhist theology but admits he 'loves to make money'".[4] He signed his emails "Good energy, Christian" and at the time had 18 tattoos, including two portraits of Leonard Cohen.[4] He has told interviewers that he wants work at Thornico to be enjoyable. In 2022 he told Finans that "we must never become too corporate. It has to be a party", and said the group's management had celebrated its accounts with burgers, beer and rap music.[6]

He uses internal prizes and events to promote the group's culture. Thornico gives annual awards in the categories Company Karma, Idea and Synergy, and an employee award called the MyKarma Project.[25] Asked about the long-term future of the family business, he told Forbes: "We are not building the company for the next few years, but for the next generations."[12]

Major deals and strategic decisions

  • Hummel (1999). The Stadil family took over the bankrupt Hummel in 1999.[7][12]
  • Hartmann (2007 to 2023). Thor Stadil tried and failed in 2007 to take control of the listed egg-tray maker Brødrene Hartmann. By 2012 the family had built up almost 70 percent of the share capital.[7] On November 22, 2023, the majority shareholder Thornico Food & Food Technology, ultimately controlled by Thornico Holding, offered DKK 360 per share for the remaining shares, after Nasdaq Copenhagen had approved the company's delisting on November 20. The last expected day of trading was December 20, 2023.[26] Hartmann became wholly owned by Thornico and its largest subsidiary, and was renamed Hartmann Packaging in 2025.[7][27] With revenue of about €550 million (DKK 4.1 billion), it is the group's largest business.[12]
  • Hartmann's Russian operations. After the Russian invasion of Ukraine in 2022, Hartmann's board began a process to sell the company's Russian factory.[28]
  • Libertine-Libertine (2019). In April 2019, Stadil and Niels Mikkelsen, the former chief executive of IC Group, bought 20 percent of the Danish fashion brand Libertine-Libertine.[13]
  • Newline and Halo (2020). Hummel's first acquisitions, announced in January 2020.[13]
  • Trendsales. Stadil and Thornico invested in the second-hand marketplace Tradono in 2014; it later took the name Trendsales and was acquired by Vinted.[29]
  • Exit from shipping (2023). Thornico had long owned shipping businesses. Several of them were put into bankruptcy in 2020 (see Controversies).[7] In 2023, after two strong years following the pandemic, Thornico agreed to sell its remaining shipping company, Thorco Projects, to Norden.[12][30] Stadil explained the decision to Forbes: "Shipping moves in cycles: ten bad years are followed by two good ones."[12]

Financial and market performance

Thornico is privately held, and its figures come from the company's own announcements and press coverage of them.

  • 2019. Revenue of DKK 9.2 billion, profit before tax of DKK 513 million and EBITDA of DKK 902 million, all records at the time.[31]
  • 2020. Profit before tax of DKK 706 million, up 37 percent on 2019 despite the pandemic.[32]
  • 2021. Revenue passed DKK 10 billion after growth of nearly 20 percent, and profit before tax rose 44 percent to just over DKK 1 billion for the first time.[33] Profit after tax was DKK 830.3 million. Thor Stadil identified the shipping company Thorco Projects as the largest revenue driver that year.[6][24] Stadil then set targets of DKK 12 billion in revenue and DKK 1 billion in profit.[6]
  • 2024. Thornico called the 2024 consolidated result the second best in its history. Forbes put group revenue at about €1.4 billion (DKK 10.5 billion) from around 130 companies.[34][12]
  • 2025. Thornico reported its strongest result to date, with record profit before tax of more than DKK 1 billion and record EBITDA.[23]

As of October 2026, Thornico describes itself as a network of more than 130 companies in more than 50 countries.[19]

Board memberships and outside roles

  • Chairman of the board of Hummel; Thornico named him as Hummel's owner and chairman in 2024.[17]
  • Chairman of the board of Niels Brock Copenhagen Business College, from May 1, 2026. He said he would focus on bringing education closer to business practice.[9]
  • Honorary consul of Bhutan. He was appointed in September 2022 and formally installed at a Buddhist ceremony in Brussels in February 2023; the letter of appointment was signed by the King of Bhutan. Stadil said he had no business interests in Bhutan, and that the role involved helping the country's economy grow and promoting cultural and business exchange with the Nordic countries.[35][36]
  • Deputy chairman of the Danish Football Union's women's football commission, according to his personal website.[1]
  • Former adjunct professor of creative leadership at Copenhagen Business School.[2][1]
  • Board member, advisory board member, co-founder or seed investor in companies including AllUnite, Min Bedste Bog and Libertine-Libertine.[1]
  • Member of the jury of the Danish Design Award, as of 2013.[4]
  • Member of the Danish Adventurers' Club (Eventyrernes Klub).[1]

Controversies

Dismissal of Søren Schriver

In 2017, the Stadil family dismissed Søren Schriver, who had led Hummel for more than 20 years, and reported him to the police for fraud. In 2021, prosecutors charged Schriver with offences including involvement in kickbacks and aggravated fraud. Two years later, the prosecution dropped all charges against him.[7]

Shipping bankruptcies

Over many years, the family built up a shipping business with a large fleet of specialised vessels. Lex reports that failed ship investments led to heavy losses, and that in 2020 the family let several shipping companies go bankrupt, leaving creditors with losses. The trustee of the bankrupt estates and several creditors sued. The trustee sought a bankruptcy disqualification against Thor Stadil, and damages claims were brought against both Christian and Thor Stadil. According to Lex, the family won these cases in court, and charges against the family were dropped.[7] Børsen noted in June 2022 that compensation claims hung over the group even as it reported record figures.[33]

Hartmann minority shareholders

The 2023 delisting of Brødrene Hartmann followed what Lex describes as a bitter dispute with minority shareholders, who protested strongly and made unusually harsh criticism of the Stadil family. Institutional and private minority shareholders felt cheated by the share price offered for the delisting.[7][27]

Tibet sponsorship

In 2001, Hummel supplied kit for the first international match of the Tibet national football team, a side not recognised by FIFA, against Greenland in Copenhagen, despite objections from China. The team's founder, Michael Nybrandt, told the Catalan newspaper Ara in 2025 that "increasing commercial pressure for Hummel to expand in China" led the company to end the contract.[37]

Personal life

Stadil is known as "Nicky" to friends and family.[10] He met Alice Brunsø at a festival on Funen in 2011, and the couple became engaged in 2013.[10][38] Their sons Winston and Hamilton were born in 2013 and 2014 and their daughter Harper followed. They married on August 18, 2018, at the Messiaskirken in Charlottenlund; guests included the architect Bjarke Ingels and the minister Tommy Ahlers, a fellow investor on Løvens Hule, and the Danish rock band Sort Sol played in the church.[38] A fourth child was expected in the summer of 2019.[10] His wife is known as Alice Rosenkrantz Stadil.[1] In a 2023 interview he said that "until I became a father, I suffered from something resembling a Peter Pan syndrome".[39]

Stadil has begun handing ownership to his four children. Finans reported in 2022 that Hummel-related activities were being transferred to the children through a company called Hummel Invest.[6] Lex dates the start of the generational transfer to 2024, when the four children became shareholders in Hummel Invest 2023, a co-owner of the Hummel group, with Thornico keeping control and voting rights.[7] Forbes reported in 2025 that the transfer of shares in Thornico itself had begun.[12]

He practises yoga, meditation, breathing techniques and martial arts, including Ving Tsun.[22][1] He is a mountaineer and has climbed Aconcagua with his father.[10] He collects contemporary art and has his own champagne label, Stadil et Stadil, LE NON MOI.[4][1] In 2013, the Telegraph described the tattoo design website Tattoodo as a new sideline of his.[4]

Wealth

Berlingske's list of Denmark's richest people ranked the Stadil family 31st in 2020, with a fortune of DKK 3.9 billion held through Thornico Holding.[13] Berlingske reported in 2023 that his fortune had been estimated at DKK 9.6 billion in 2022, placing him 19th among Denmark's 100 richest people.[35]

Philanthropy

Thornico and the Stadils award the LE NON MOI THORNICO Prize of DKK 250,000, together with a commissioned artwork, to a person whose art, research or teaching helps people experience "le non-moi", a state of self-forgetting. The prize cannot be applied for and is chosen by Thor and Christian Stadil. Recipients have been the Danish polymath Torben Ulrich (2022), Wim Hof (2023), Sri Sri Ravi Shankar (2024) and Nick Cave (2026).[40]

Through Hummel's Company Karma programme, Stadil's companies have backed sport-for-development projects. These include support for the Afghan women's national football team and its former captain Khalida Popal, the LykkeLiga handball league for children who need extra support, and the organisations Football for a New Tomorrow and Handball for a New Destiny in Sierra Leone.[41] CNN reported in 2012 that the programme had sponsored matches in Sierra Leone between former child soldiers.[5]

Recognition

  • 2005: Named one of Scandinavia's three most successful business leaders.[2]
  • 2022: Appointed honorary consul of Bhutan.[35]
  • 2025: Cover subject of the "Money" issue of Forbes Austria.[12] He has also appeared on the cover of the Danish magazine Euroman.[25]

Bibliography

  • Company Karma, with Steen Hildebrandt.[2]
  • I bad med Picasso (In the Shower with Picasso), with Lene Tanggaard.[1]

By 2013 he had co-written three books.[4]

See also

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 <ref>"About".Christian Stadil.Retrieved October 29, 2026.</ref>
  2. ↑ 2.0 2.1 2.2 2.3 2.4 2.5 2.6 2.7 <ref>"Christian Stadil: Erhvervsleder og investor".Lex, Danmarks Nationalleksikon.April 21, 2026.Retrieved October 29, 2026.</ref>
  3. ↑ 3.0 3.1 3.2 <ref>"About THORNICO: A family-owned conglomerate".Thornico.Retrieved October 29, 2026.</ref>
  4. ↑ 4.00 4.01 4.02 4.03 4.04 4.05 4.06 4.07 4.08 4.09 4.10 4.11 4.12 4.13 4.14 4.15 4.16 <ref>Pithers, Ellie."Hummel: the sports brand that got back in the game".October 8, 2013.Retrieved October 29, 2026.</ref>
  5. ↑ 5.0 5.1 5.2 5.3 5.4 5.5 5.6 <ref>"Is good karma good for business?".May 30, 2012.Retrieved October 29, 2026.</ref>
  6. ↑ 6.0 6.1 6.2 6.3 6.4 6.5 6.6 <ref>"Thornico når mål om omsætning på 10 mia. kr. i rekordår".June 9, 2022.Retrieved October 29, 2026.</ref>
  7. ↑ 7.00 7.01 7.02 7.03 7.04 7.05 7.06 7.07 7.08 7.09 7.10 7.11 7.12 7.13 7.14 <ref>"THORNICO: Familien Stadils holdingselskab".Lex, Danmarks Nationalleksikon.August 13, 2026.Retrieved October 29, 2026.</ref>
  8. ↑ 8.0 8.1 8.2 <ref>"Christian Stadil overdrager stafetten til ny løve".DR.May 21, 2019.Retrieved October 29, 2026.</ref>
  9. ↑ 9.0 9.1 9.2 <ref>"Christian Stadil new Chairman of the Board at Niels Brock".Thornico.Retrieved October 29, 2026.</ref>
  10. ↑ 10.0 10.1 10.2 10.3 10.4 10.5 10.6 <ref>"Christian Stadil: Jeg har altid været heldig".February 21, 2019.Retrieved October 29, 2026.</ref>
  11. ↑ 11.0 11.1 <ref>"Congratulations, Thor Stadil 80".Thornico.Retrieved October 29, 2026.</ref>
  12. ↑ 12.00 12.01 12.02 12.03 12.04 12.05 12.06 12.07 12.08 12.09 12.10 12.11 12.12 12.13 12.14 12.15 12.16 12.17 12.18 12.19 12.20 12.21 12.22 12.23 12.24 <ref>"Wir bauen das Unternehmen für Generationen".April 4, 2025.Retrieved October 29, 2026.</ref>
  13. ↑ 13.0 13.1 13.2 13.3 13.4 13.5 <ref>"Christian Stadil efter rekordår for Hummel: Køber to danske sportsmærker".January 13, 2020.Retrieved October 29, 2026.</ref>
  14. ↑ 14.0 14.1 14.2 <ref>"hummel historie".hummel A/S.Retrieved October 29, 2026.</ref>
  15. ↑ <ref>"The Stadil Family Pulls Back At Hummel As The Company Breaks New Records".June 27, 2008.Retrieved October 29, 2026.</ref>
  16. ↑ <ref>"hummel intensifies its efforts to reach a 2 billion revenue in 2023".Thornico.Retrieved October 29, 2026.</ref>
  17. ↑ 17.0 17.1 17.2 <ref>"hummel CEO steps down to pursue lifelong career dream".Thornico.Retrieved October 29, 2026.</ref>
  18. ↑ <ref>"hummel x Southampton".Thornico.Retrieved October 29, 2026.</ref>
  19. ↑ 19.0 19.1 <ref>"THORNICO: welcome to the THORNICO World".Thornico.Retrieved October 29, 2026.</ref>
  20. ↑ 20.0 20.1 <ref>"Venture".Thornico.Retrieved October 29, 2026.</ref>
  21. ↑ <ref>"Box The Original".Thornico.Retrieved October 29, 2026.</ref>
  22. ↑ 22.0 22.1 22.2 <ref>"Healper".Thornico.Retrieved October 29, 2026.</ref>
  23. ↑ 23.0 23.1 <ref>"THORNICO results 2025".Thornico.Retrieved October 29, 2026.</ref>
  24. ↑ 24.0 24.1 <ref>"Annual accounts 2021".Thornico.Retrieved October 29, 2026.</ref>
  25. ↑ 25.0 25.1 <ref>"News".Thornico.Retrieved October 29, 2026.</ref>
  26. ↑ <ref>"Publication of Thornico's offer to acquire shares in Brødrene Hartmann A/S".Brødrene Hartmann A/S via Inderes.November 22, 2023.Retrieved October 29, 2026.</ref>
  27. ↑ 27.0 27.1 <ref>"Hartmann Packaging".Lex, Danmarks Nationalleksikon.June 4, 2026.Retrieved October 29, 2026.</ref>
  28. ↑ <ref>"Hartmann initiates divestment of the group's Russian activities".Thornico.Retrieved October 29, 2026.</ref>
  29. ↑ <ref>"Trendsales sold".Thornico.Retrieved October 29, 2026.</ref>
  30. ↑ <ref>"NORDEN announce plans to acquire the THORCO PROJECTS business".Thornico.Retrieved October 29, 2026.</ref>
  31. ↑ <ref>"THORNICO posts revenue and bottom line records".Thornico.Retrieved October 29, 2026.</ref>
  32. ↑ <ref>"THORNICO posts historical earnings record for 2020".Thornico.Retrieved October 29, 2026.</ref>
  33. ↑ 33.0 33.1 <ref>"Christian Stadil sætter nye rekorder: Thornico runder 10 mia. kr. i omsætning og 1 mia. kr. på bundlinjen".June 9, 2022.Retrieved October 29, 2026.</ref>
  34. ↑ <ref>"Annual Accounts 2024 and Summer Greetings from THORNICO Holding".Thornico.Retrieved October 29, 2026.</ref>
  35. ↑ 35.0 35.1 35.2 <ref>"Christian Stadil har fået særlig titel: Udnævnt til æreskonsul for Bhutan".February 5, 2023.Retrieved October 29, 2026.</ref>
  36. ↑ <ref>"Christian Stadil appointed as the Honorary Consul of Bhutan".Thornico.Retrieved October 29, 2026.</ref>
  37. ↑ <ref>"The brand that stood up to China and Qatar takes root in Catalonia".August 10, 2025.Retrieved October 29, 2026.</ref>
  38. ↑ 38.0 38.1 <ref>"Se billederne: Milliardær Christian Stadil er blevet gift".August 18, 2018.Retrieved October 29, 2026.</ref>
  39. ↑ <ref>"Indtil jeg blev far, led jeg af noget, der minder om et Peter Pan-syndrom".March 19, 2023.Retrieved October 29, 2026.</ref>
  40. ↑ <ref>"LE NON MOI Prize".Thornico.Retrieved October 29, 2026.</ref>
  41. ↑ <ref>"Change the World through Sport".Thornico.Retrieved October 29, 2026.</ref>
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