Stockmann plc’s Board of Directors proposes the parent company’s name to be changed to Lindex Group plc – no change to Stockmann department store brand or store names
STOCKMANN plc, Press release 23.2.2024 at 8:01 EET
The Board of Directors of Stockmann plc proposes that the name of Stockmann plc would be changed to Lindex Group plc. In Finnish the new name is proposed to be Lindex Group Oyj and in Swedish Lindex Group Abp.
The possible name change would not affect Stockmann’s department stores or online store, which would continue to operate under the strong Stockmann brand. Furthermore, the Lindex fashion stores and online store would continue under the current Lindex brand. This proposal has today been published in the notice to the Annual General Meeting.
“The proposed name change would better reflect the Lindex division’s strengthened role in the Group’s business. In 2023, Lindex represented two thirds of the Group's revenue and generated an adjusted operating result of over EUR 90 million. Lindex has had a fundamental role in improving the Group’s performance in recent years, which is reflected in the strategic refocus of the Group's business on Lindex, as announced last September,” says Sari Pohjonen, Chair of Stockmann’s Board of Directors.
“It is important to note that a proposed change of the parent company name would not impact the iconic Stockmann department store brand, the names of Stockmann department stores or the online store,” Pohjonen emphasises.
The proposed name change is subject to a decision by Stockmann plc shareholders at the Annual General Meeting on 21 March 2024 and to the registration of the change of business name in the Finnish Trade Register.
On 25 September 2023, Stockmann plc’s Board of Directors decided to initiate a strategic assessment to crystallise shareholder value by refocusing the Group's business on Lindex. As part of the strategic assessment, Stockmann plc continues to investigate strategic alternatives for the Stockmann Department Stores business. Stockmann expects the strategic assessment to be finalised during 2024.
Further information:
Stockmann’s Communications & Investor Relations
Media desk tel. +358 50 389 0011 or info@stockmann.com
Stockmann Group is an international omnichannel retail group with two divisions: Lindex and Stockmann. Lindex is a global fashion company with a purpose to empower and inspire women everywhere. It is a market leader in lingerie in the Nordics and a forerunner in sustainability. Stockmann is a premium multi-brand retailer with department stores in Finland and the Baltics. Its purpose is to be a marketplace for a good life. In 2023, the Stockmann Group’s revenue was EUR 952 million and it had some 5 800 employees. Stockmann plc is founded in 1862 and its shares are listed on the Nasdaq Helsinki Ltd. in Finland. www.stockmanngroup.com
