Finnish retailer Stockmann may change its name

Finnish retailer Stockmann is considering changing the company name to Lindex Group (Lindex is a fashion brand), should from the press release.

On September 25, the group’s board of directors decided to launch an assessment with the aim of increasing shareholder value by refocusing the business on Lindex. “As part of its strategic assessment, Stockmann plc is considering changing its name to Lindex Group and will explore strategic alternatives for the Stockmann department store business,” the company said in a statement.

Stockmann also explained the possible name change as a reflection of the role of the Lindex division in the business, since in 2022 it generated more than two-thirds of revenue and was the main source of profit. Last year, the company’s revenue amounted to 661 million euros, profit – 90 million euros. Stockmann emphasizes that the name change will not affect the department stores of the same name in any way – they will continue to operate under the same brand.

The strategic assessment is planned to be completed in 2024. The company is exploring several development options, including a change of ownership or attracting a strategic partner. The group will also announce the final decision on changing the name later, after the decision of the general meeting.

Stockmann was founded in 1862. The group’s department stores of the same name operate in Finland, Estonia, and Latvia. In 2016, a deal to sell department stores in Russia to Reviva Holdings Ltd was closed, but the agreement allows retail outlets will operate under the same name.

Lindex was founded in Sweden, today the retail chain has about 430 stores in 18 countries, as well as an online store. The company specializes in the sale of women’s and children’s clothing and underwear. In 2007, the network became part of Stockmann.