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Marimekko focuses on scaling its profitable growth during the next strategy period of 2023–2027
Marimekko Corporation, Stock Exchange Release, 6 September 2022 at 7.46 a.m.
Marimekko focuses on scaling its profitable growth during the next strategy period of 2023–2027
Marimekko intends to focus on scaling the Marimekko business and growth especially in international markets during the next strategy period of 2023–2027. The company will elaborate on the strategic direction and the new long-term financial goals published today in its Capital Markets Day on Wednesday, 14 September 2022.
During the current strategy period of 2018–2022, Marimekko’s objective has been to achieve markedly stronger profitable growth than before by speaking to a broader target audience. The company’s net sales and profitability have developed strongly from year to year. Despite the challenging environment of the Coronavirus pandemic, 2021 was a record year for Marimekko, and the company exceeded its financial goals. The key factors behind strong development include the long-term efforts to modernize the Marimekko brand and lifestyle collections, strengthening the digital business and the omnichannel customer experience, increasing the international brand awareness as well as adopting more agile operating practices.
“Our excellent financial results show that our growth strategy works. The results and overall increased interest in Marimekko around the world also demonstrate the unique opportunities for global expansion that megatrends, such as digitalization as well as changes in consumers’ values, present Marimekko with. Therefore, building on and reinforcing our proven success recipe, our new strategy period will focus on scaling the Marimekko phenomenon and business to bring joy and empowerment to even more people around the world,” says Tiina Alahuhta-Kasko, President and CEO of Marimekko.
Five strategic success factors to S-C-A-L-E the business
Marimekko has defined the following five strategic success factors to scale growth of the Marimekko business during the next strategy period.
S: Determined sustainability efforts strongly support Marimekko’s long-term success
Marimekko wants to be at the forefront of developing more sustainable products and practices and believes that sustainability also opens new value-creating opportunities for its business. To further demonstrate its dedication, Marimekko has committed to the Science Based Targets initiative to set science-based emissions reduction targets in line with the Paris Climate Agreement.
C: Sharpened creative vision to speak to a wider global audience
Marimekko will continue to reinforce a sharpened creative vision to speak to a wider global audience, with ready-to-wear as the communicational spearhead of the Marimekko lifestyle. This work will include, among others, developing collection modularity to fulfil market and channel-specific customer needs even better, as well as levelling up the integration of sustainability into the design principles.
A: Accelerating growth in Asia
Northern Europe, North America and the Asia-Pacific region continue to be the company’s main markets, while Marimekko will focus on Asia as the most important geographical area for international growth. The growing market, strong brand fit and proven track record with the loose franchise partnership model provide a good foundation for accelerating omnichannel growth in Asia. Marimekko approaches the markets via key cities and focuses on capturing growth in the company’s existing markets as well as explores opening of new markets in Asia in the longer term.
L: Love for Marimekko life
The company connects with its customers with a value-based, unique brand story with optimism and the art of printmaking at heart. Creative brand experiences that affix Marimekko with local art, culture and communities enable the company to stand out, while brand collaborations introduce Marimekko to new audiences. The meaningful purpose and values, the culture fostering creativity and internal entrepreneurship as well as the company’s efforts to promote diversity, equity and inclusion create a strong foundation for Marimekko’s future success.
E: End-to-end digitality to boost omnichannel growth and efficiency
Direct-to-consumer, operated by the company itself or its partners, represents the core of Marimekko’s distribution strategy. It is complemented with select, and increasingly online, retailers to gain scale and access to new customers. Even with a digital first mindset, physical stores play an important role as the hearts of brand culture, fueling also online growth. Marimekko will work actively on multiple fronts to accelerate the wider digitalization of the company as new technologies and data bring interesting opportunities benefiting the company’s entire value chain and seamless customer experience.
“By focusing our work in the coming years on the identified five strategic success factors, we can support our profitable growth and progress towards our vision of becoming the world’s most inspiring lifestyle design brand renowned for bold prints. In this uncertain world, we believe Marimekko’s empowering mission is more meaningful than ever. We are excited to start this next chapter to scale up Marimekko,” says Tiina Alahuhta-Kasko, President and CEO of Marimekko.
Marimekko is closely monitoring in particular the development of the general economic situation, consumer confidence and purchasing power and will adjust its operations and plans according to the circumstances.
Further information:
In addition to the Capital Markets Day, Marimekko’s President and CEO Tiina Alahuhta-Kasko and CFO Elina Anckar are available for media and investor inquiries on 6 September 2022 between 9–11 EEST.
Tiina Alahuhta-Kasko, President and CEO, tel. +358 9 758 71
Elina Anckar, CFO, tel. +358 9 758 7261
Lotta Roitto, Marimekko Communications, tel. +358 9 7587 233 (lotta.roitto@marimekko.com)
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Key media
Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. In 2021, the company’s net sales were EUR 152 million and brand sales of the products worldwide amounted to EUR 376 million. Globally, there are roughly 150 Marimekko stores, and online store serves customers in 35 countries. The key markets are Northern Europe, the Asia-Pacific region and North America. The Group employs about 410 people. The company’s share is quoted on Nasdaq Helsinki Ltd.
marimekko.com
