The richest man in Denmark announced on Friday he will be giving bonus payments to all 17,000 of his employees after a “remarkable year” of business.

Anders Holch Povlsen, CEO of the clothing company Bestseller A/S, said all of his employees will receive an extra month’s pay as “a big thank you” for the company’s performance over the last business year ending in July. The bonuses will amount to DKK 300 million, or over $46.6 million in U.S. dollars, according to foreign exchange company XE.

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“We have been through some tough months, but we can now see that we have fought back over the past year,” Povlsen said. “Everyone has a stake in that result, and it is a testament to the special team spirit we have — an unbelievable drive and incredible unity. We want to recognize this, and everyone deserves the greatest thank you for playing their part.”

The company experienced the biggest financial year in its history, with a net turnover from August 2020 to July 2021 of DKK 26.4 billion, a large recovery after the company saw its surplus fall by 72% due to the coronavirus pandemic. The clothing manufacturer said it can now “resume the growth journey the company was on prior to COVID-19.”

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Other companies made similar efforts to pad employees’ salaries at the height of the pandemic. Last June, Walmart and Sam’s Club gave cash bonuses worth more than $390 million combined to all hourly U.S. employees, with Walmart’s CEO saying, “It’s important we reward and appreciate them.”

Original Location: Denmark’s richest man gives his 17,000 employees one-month bonuses

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