Lindex Group (Stockmann)

Aktivs

As of 2024, Lindex Group has two divisions: Lindex and Stockmann.

Lindex is the Scandinavian leader in lingerie.

Stockmann is a department store chain in Finland and the Baltic States.

History

2015: Finnish Stockmann to sell Reviva stores in Russia

In November 2015, the Finnish group Stockmann announced the sale of 7 stores in Russia - Moscow, Yekaterinburg, excluding the Nevsky shopping center in St. Petersburg. The buyer was Reviva Holdings Limited, which owns the Russian franchisee chain of Debenhams department stores.

The remaining stores of the Lindex retail business Stockmann chain in Russia will be closed in accordance with the plan in the summer of 2016^[1].

Reviva buys 100% of Stockmann JSC, a Russian subsidiary of Stockmann PLC, for 5 million euros, which will be paid in cash, the company said.

"Our Russian retail business has been unprofitable over the past few years, and a significant devaluation of the ruble has increased our losses," said Per Per Telin, CEO of Stockmann.

Stockmann intends to focus on the real estate market in Russia and will retain control in the Nevsky shopping center in St. Petersburg. The deal was planned to be closed on January 31, 2016 after receiving approval from the Federal Antimonopoly Service of the Russian Federation. Stockmann will write off 75 million euros of one-time costs following the transaction.

Reviva will start managing the purchased stores from the beginning of February 2016 and will receive the right to use the Stockmann brand in Russia within two years from the date of closing the transaction. During this time, Reviva planned to gradually transfer stores to the Debenhams brand.

Later it became known that the Russian company Reviva, under a licensing agreement, was allowed to use the Stockmann brand until the end of 2028.

2014: Stockmann revenue in Russia - 240 million euros

Stockmann's retail business revenue in Russia amounted to approximately 240 million euros with an operating loss of 26 million euros in 2014, including operations of 7 department stores (5 in the Moscow region, 1 in St. Petersburg and 1 in Yekaterinburg). As of November 2015, about 2,300 people work in the Russian Stockmann JSC.

1862: Stockmann founded in Helsinki

STOCKMANN was founded in 1862 in Finland, Helsinki.

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