Musti Group exceeds the estimate of 25-35 set for the increase in number of directly operated stores during the financial year, new estimate 45-55 stores
Musti Group plc Press Release 30 June 2021 at 9.00 a.m.
Musti Group exceeds the estimate of 25-35 set for the increase in number of directly operated stores during the financial year, new estimate 45-55 stores
On 25 May 2021, Musti ja Mirri Oy offered to acquire the businesses of all 16 stores operated under franchising agreements in Finland through an asset purchase agreement. Negotiations with franchisees were successfully concluded in June 2021, and the 16 stores will become directly operated part of Musti Group by 1 October 2021. After the transactions are finished, all stores in Finland are directly operated.
In the beginning of the financial year 2021, Musti Group set a target to increase the number of directly operated stores and estimated to increase the number of directly operated stores by 25-35 stores during the financial year 2021. By end of June, Musti Group has already reached the range as the number of directly operated stores in Musti Group has increased during the first three quarters of the financial year by 26 stores by 30 June 2021. Through the acquisition of the Finnish stores operated under franchising agreements, Musti Group will exceed the estimate range set for financial year 2021 and updates the estimate to an increase of 45-55 directly operated stores.
In Norway, all Musti Group stores are directly operated. In Sweden, Musti Group has continued to increase the number of directly operated stores by both new store openings and franchise store acquisitions.
Operating through own stores enables Musti Group to provide the customers with the same award-winning store experience in any Musti Group store they wish to visit. It also improves the efficiency of operations and enables the best possible synergies within Musti Group. In addition, it allows Musti Group to reach even more customers utilizing the omnichannel business model as stores provide an essential part of the omnichannel business model by providing Pet Parents the possibility to explore products, receive trusted advice from Musti experts and access pet services. The physical in-store offering is complemented by Musti’s online channel.
Additional information:
David Rönnberg
CEO, Musti Group
tel. +46 70 896 6552
Distribution:
Main media
www.mustigroup.com
Musti Group in brief
Musti makes the life of pets and their owners easier, safer and more fun. We are the leading Nordic pet care company and we operate an omnichannel business model to cater for the needs of pets and their owners across Finland, Sweden and Norway. We offer a wide, curated assortment of pet products. We also provide pet care services such as grooming, training and veterinary services in selected locations.
Musti Group’s net sales were EUR 284 million in the financial year 2020. At the end of the financial year 2020, the company had 1,162 employees, over one million loyal customers and 293 stores.