Our year 2021

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2021 was the year of a strong turnaround. The full-year adjusted operating result improved by 80.5 million as a consequence of agile adaptation to the COVID-19 situation, enhanced sales and strong marketing activities. The Stockmann Group’s revenue in 2021 was EUR 899.0 million (790.7), up 11.2% in comparable currency rates. Adjusted operating result was EUR 68.3 million (-12.3).

CEO's review



We continued the determined implementation of our strategy in 2021. We renewed our department stores and further developed our online store, distribution channels, selection and services in line with our customers’ wishes. The coronavirus pandemic caused challenges in international logistics and significantly reduced customer flows during 2021. Restrictions in our countries of operation affected the operations and opening hours of department stores and fashion stores. However, visits to department stores and fashion stores picked up from 2020, and online shopping also continued to grow strongly in 2021.

Lindex continued to develop its store network and international distribution channels and introduced a customer loyalty application to supplement the digital customer experience in its countries of operation. Lindex renewed its collections and expanded its selection and size ranges.

To implement the customer-centric strategy of the Stockmann division, we started an extensive operating model reform, through which our organisation will be centred more closely around our core process – that is, the customer path. The purpose of the reform is to improve customer service and streamline processes. This work will continue next year. In 2021, Stockmann continued to renew its department stores and online store and further developed its selection by adding 50 new brands.

We systematically implemented the corporate restructuring plan approved on 9 February 2021, and its key measures have been promoted at a rapid rate. Stockmann combined its series of shares and carried out debt and share conversions in May–July. In December 2021, we sold our department store properties in Tallinn and Riga and entered into long-term leaseback agreements with the new owner. The process to sell our department store property in the centre of Helsinki is progressing as planned.

Our strategy has proved to be effective in both divisions, and we will continue its implementation, listening to our customers closely and observing the operating environment. The company’s result turned positive in the third quarter, during which Lindex achieved its all-time record performance. The full-year adjusted operating result was EUR 68.3 million. The company has a strong cash position.

We continue to further develop the sustainability of our operations. We have added sustainably produced, environmentally friendly materials to our selection. Circular services and products are also becoming an increasingly important part of our business model. Lindex has, for example, worked internally with its model ‘10 circular design principles’ to design its assortment for circularity and longevity. Lindex also launched several pilot projects within second hand. In its department store in the centre of Helsinki, Stockmann launched the Relove shop, which specialises in second-hand fashion, and expanded its provision of sewing services. In addition, Stockmann has made determined progress in its work to cut emissions, and we are also committed to the SBTi initiative, as a consequence of which we will set science-based climate targets for reducing greenhouse gas emissions in our own operations and the Group’s value chain.

I would like to thank our customers, employees and partners for their cooperation and contribution in 2021!

Jari Latvanen
Stockmann Plc, Chief Executive Officer

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Highlights 2021

Lindex’s digital expansion


Stockmann introduced numerous new luxurious products from the world of cosmetics to Finland and the Baltics, broadened its selection of natural cosmetics and continued remodelling its cosmetics departments. There was an emphasis on skin care, fragrances, looking after yourself and sustainable choices. By expanding its department store and online store selections and remodelling department stores’ cosmetics departments, Stockmann has sought to create a best-in-class customer experience in the world of beauty and wellness. in

New online store platform


As part of its global digital expansion, Lindex launched its popular Lindex app in all its market areas with brick-and-mortar stores. The app and the lindex.com website complement one another and offer customers a smooth and inspiring shopping experience. The app is a user-friendly tool for making purchases that also makes customers want to visit Lindex stores.

Wider range of sustainable products


During the year there were fascinating and unique brand collaborations at Stockmann, such as Adidas x Marimekko and Makia’s first collaboration collection designed for women, Makia x Moominmamma. Work to promote sustainability increased considerably in the areas of fashion brands and service development. Stockmann made its debut in the circular economy by opening Relove, a Finnish second-hand store and cafe concept, at the Helsinki department store.

New underwear brand Closely


During the pandemic, people focused on making improvements to their homes and summer cottages in both Finland and the Baltic countries. Interior decoration with a focus on comfort gained popularity, as a lot of time was spent at home. People also made improvements to their home offices. Customers equipped their kitchens and spent money on various home appliances. Baking bread became a trend and making pizza and pizza ovens developed into a craze during the pandemic. People spent money on high-quality wine glasses and bar supplies. Consumers also wanted high-quality coffee, which boosted sales of coffee machines.