Home / Knowledge / News / Fashion / Stockmann to bring Swedish fashion chain to Russia

Stockmann to bring Swedish fashion chain to Russia

24
Mar '08
The Annual General Meeting of Stockmann plc, held in Helsinki on March 18, 2008, adopted the financial statements for the financial year January 1 - December 31, 2007, granted release from liability to the responsible officers and resolved to pay a dividend of EUR 1.35 per share for last year.

The Board of Directors' proposals to the Annual General Meeting were approved without changes. Under a franchising agreement, the Group's sales network will expand to the Middle East.

Managing Director's review
In his review to Stockmann's Annual General Meeting in Helsinki on March 18, 2008, CEO Hannu Penttilä observed that the transfer of the Swedish fashion chain Lindex to Stockmann's ownership through a public tender offer in December was a major acquisition, Finland's second largest last year.

Stockmann's most recent acquisitions were made back in the 1980s, when both Hobby Hall and Seppälä became part of the Group. In the ensuing period organic growth has been achieved both by building out operations in the domestic market and by expanding via these concepts to new market areas. Non-core businesses, however, have been trimmed through measures such as divesting the wholesale business, the Sesto grocery chain and, most recently, the vehicle trade in 2006.

The Lindex transaction will strengthen the Stockman Group's position in many ways. Lindex accounts for a share of about 30 per cent on the Stockmann Group's sales, whereas department store operations make up a good 50 per cent and the aggregate share of Seppälä and Hobby Hall is just under 20 per cent.


Interviews View All

Amit Jain, Shingora Textiles Ltd

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Rahuul Jashnani, Jashn

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Viral Desai, Zenitex Mill Pvt Ltd

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Sarah Perkins,

Sarah Perkins

Fairfax, Virginia-based Specialty Graphic Imaging Association (SGIA) is a...

Arup Chakraborty,

Arup Chakraborty

Mirrorsize is a US-based start-up that provides artificial intelligence...

Dejan Lalevic,

Dejan Lalevic

Mesdan SPA, a subsidiary of Italian firm Savio Macchine Tessili,...

Larry L Kinn, Suominen Corporation

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Isabel Herranz, European School of Business & innovation

Isabel Herranz
European School of Business & innovation

Cutting-edge ideas like the Internet of Things and artificial intelligence ...

Justin Gutierrez, INDA

Justin Gutierrez
INDA

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Wendell Rodricks, Wendell Rodricks

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Robert Brunner, Devereux

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Anjali Bhaskar has an experience of 12 years in the fashion industry. She...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search