Helsinki, Finland, 2014-10-02 08:00 CEST (GLOBE NEWSWIRE) --
STOCKMANN plc, Company Announcement 2.10.2014 at 9:00 EET
Stockmann is carrying out a process of reviewing and revising the Group’s strategy. A new operating structure under three divisions – Stockmann Retail, Real Estate and Fashion Chains – will be introduced as of 1 January 2015. In Stockmann Retail the focus will increasingly be on the Stockmann department stores and stockmann.com online store which has grown rapidly in the Finnish market. The Real Estate division will aim at optimising the use of floor space in the Group’s real estate holdings. In the Fashion Chains division the company believes that Lindex, which has operations in 16 countries, has the biggest development potential.
As part of the strategy process, Stockmann is looking for strategic options for its other retail operations, Hobby Hall and Seppälä. A new owner is being sought for the Hobby Hall distance retail business. Hobby Hall’s annual revenue is approximately EUR 100 million and it has over 0.5 million loyal customers in Finland. As for Seppälä, the Board of Directors has decided that Seppälä’s remaining 16 stores in Russia will be gradually closed during the rest of 2014 and during 2015.
New Board of Directors for Lindex
Lindex’s goal is to be a truly global fashion brand and to expand successfully on international markets. To support the company’s strategy, the extraordinary shareholders’ meeting elected an operational Board of Directors for AB Lindex. In the new Board, three members will represent Stockmann and two members are independent of the company and its significant shareholders. One additional, independent Board member is expected to be elected later during the year. The Board previously consisted of members of the Stockmann Group’s management.
The new chairman of the Board is Per Sjödell, a member of the Stockmann Board of Directors and Managing Director of Fiskars Sweden. Stockmann’s CFO Pekka Vähähyyppä, and Board Member and Chief Strategy Officer Kjell Sundström are also representing Stockmann in the Board.
Tracy Stone and Rossana Mariano have been elected to the Board of Directors and they bring extensive experience in the fashion and retail industries, and international expansion. Tracy Stone, born 1962, UK citizen, works as Global Sales Director at GANT. Prior to her current position, she worked as Managing Director of GANT UK, Head of Beauty at House of Fraser, Sales and Retail Director at SpaceNK, and Retail Operations Manager at Selfridges. Rossana Mariano, born 1962, Swedish citizen, is the CEO and founder of RMPR, a leading Swedish lifestyle PR agency. She has wide knowledge of fashion and media industries with experience from Damernas Värld magazine, H&M, Nordiska Kompaniet (NK) and consulting clients such as Louis Vuitton, Canada Goose, Gudrun Sjödén, and L’Occitane.
Caroline Kull Magnusson and Ann-Britt Neckvall, with Clary Erenmalm as their deputy, continue as employee representatives in the Board of Directors.
Strategy process to continue until end of 2014
The new Stockmann Group strategy will be approved by the end of the year. The process of appointing a new CEO is proceeding according to plan, in line with the strategy work.
Further information: Kaj-Gustaf Bergh, Chairman of the Board of Directors, tel. +358 40 524 7730