Finnish Stockmann will change its name to Lindex Group – Kommersant

Finnish department store chain Stockmann Group is exploring alternative business development options and is considering changing its name to Lindex Group. This decision is due to the fact that Lindex’s assets generate the bulk of all income for the group. This is stated in press release companies.

“The Board of Directors of Stockmann Plc today decided to initiate a strategic review with the aim of increasing shareholder value by placing Lindex at the center of the group’s business. As part of its strategic review, Stockmann Plc Abp is considering changing its name to Lindex Group and is exploring strategic alternatives for the Stockmann department store business,” the group said.

However, the name change should not affect the Stockmann department stores. They will continue to operate under the old brand.

The Lindex brand, which is part of the Stockmann Group, produces women’s underwear in Sweden, Norway and Finland. Stockmann’s board of directors believes that the name change should better reflect Lindex’s role in the business: in 2022, its revenue accounted for more than two-thirds of total revenue at €661 million. Lindex had an operating profit of €90 million, making Lindex the main source of Stockmann’s profits Group.

There are eight Stockmann department stores in Finland and the Baltics. The company has more than 1.4 million regular customers. In 2010, Stockmann built the Nevsky Center shopping and entertainment complex in St. Petersburg, where the first Stockmann department store in the city was opened.

Stockmann has been repeatedly criticized in Finland for the presence of the brand name in Russia. However, representatives of the chain said that the company no longer owns Russian stores, and the name, according to the terms of the agreement, can be used for at least several more years.

Anastasia Larina