Stockmann news and archive

Hugo Boss sells Russian business to Stockmann

German fashion brand Hugo Boss has sold its business in Russia to its wholesale partner Stockmann. A purchase price was not disclosed, according to reporting news platform Reuters, however it is known that Russia requires foreign companies to sell assets at a discount of at least 50 percent. In its 2023 annual report, Hugo Boss valued the assets...

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Stockmann-owner Lindex Group's Q2 revenues decline

Fashion retailer Lindex Group, having two divisions - Lindex and Stockmann under its fold, reported second quarter revenue of 251.6 million euros, a slight decrease of 0.2 percent or 1 percent in local currencies. For the first half period, revenue was 444.4 million euros, down by 1.3 percent and 2 percent in local currencies. Commenting on the...

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Lindex Group names Henrik Henriksson as CFO

Lindex Group, owner of two fashion brands Lindex and Stockmann, has appointed Henrik Henriksson as the company’s new chief financial officer (CFO) and a member of the group management team. In addition to his role as group CFO, the company said in a release, Henriksson will also act as the Lindex division’s CFO. He will take up his new position...

Business

Finland’s Stockmann changes name to Lindex Group

Finnish department store retailer Stockmann Oyj Abp has announced that it has officially changed its trade name to Lindex Group Oyj, a title that has been registered in the country’s trade register. As such, the company will also be changing its ticker in the Nasdaq Helsinki’s trading system, with its current trading code of the share, Stocks,...

Business

Finland’s Stockmann mulls name change, begins strategic review

Finnish retail giant Stockmann has said its board of directors are to begin a strategic assessment in a bid to bolster value for shareholders, with plans to specifically revolve around a refocusing on the group’s lingerie business, Lindex. As part of the review, the company said it was mulling a name change to Lindex Group, reflecting the...

Business

Stockmann names new group CEO

Finnish retailer Stockmann has announced the appointment of Susanne Ehnbåge as the group’s chief executive officer, effective immediately. Ehnbåge will succeed Jari Latvanen, who is leaving the company for undisclosed reasons. Notably, Ehnbåge is no stranger to Stockmann. The exec has been leading the group’s fashion retailer Lindex as CEO since...

Business

Stockmann agrees on sale of department stores in the Baltics

Finnish retail company Stockmann has confirmed the sales of two of its department store properties to Viru Keemia Grupp (VKG). The total sale price amounts to approximately 87 million euros, with the group stating it will use the proceeds in full to reduce its secured restructuring debt. The properties sold are located in Tallinn, Estonia, and...

Business

Stockmann reports Q3 revenue, profit growth

Finnish fashion group Stockmann has reported revenue and profit growth in the third quarter of the year, driven by a strong performance at its Lindex brand. In the three months to September 30, the group’s consolidated revenue came in at 237.8 million euros, a 12 percent increase from a year earlier at comparable currency rates. Its operating...

Business

Lindex owner Stockmann reports Q2 revenue, profit growth

Finnish fashion group Stockmann has reported a 21.4 percent increase in consolidated revenue to 228 million euros in the second quarter of the year. For the three months to June 30, the group reported an operating profit of 26.3 million euros compared to a loss of 0.4 million euros a year earlier, and an adjusted operating profit of 26.7 million...

Business

Stockmann to sell, lease back properties in restructuring plan

Finnish fashion group Stockmann has announced it will sell and lease back department store properties in its portfolio as part of its restructuring plan. The company announced Monday that its restructuring programme is based on the continuation of its department store operations and the sale and lease-back of department store properties located...

Business

Lindex owner Stockmann reports improved performance in Q3

Finnish fashion group Stockmann has reported improved trading in the third quarter amid the company’s ongoing cost-cutting strategy. For the three months to 30 September, the group reported an operating profit of 11.7 million euros compared to a profit of 2.1 million euros a year earlier. Consolidated revenue at the company fell 6.8 percent to...

Business

Stockmann-owned Lindex to launch cost-cutting programme, cut jobs

Stockmann-owned Lindex has announced cost-cutting measures and jobs cuts following a drop in Q2 revenue. The Swedish fashion chain will aim to reduce its costs globally by approximately 14.5 million euros, which it said will mainly be realized from 2021 onwards. “The savings will be achieved, among other things, by optimizing Lindex’s store...