The unveiling of the plans came as the Finnish company announced today a 75% rise in first half net profit, despite a slight fall in revenues caused by promotional activity in its home market of Finland.
United States is a Key Target
One of the initial expansions will be in the U.S. market where the brand enjoyed imense popularity in the 1960s and 70s. Marimekko is establishing a new U.S. subsidiary in collaboration with brand management company C2Group, opening a Manhattan showroom this month, and premiering a 1,755-square-foot shop-in-shop at Crate and Barrel in Soho, New York, in October. The company’s current retailers include Marimekko concept stores in New York, Cambridge and Miami.
In the long term, the company said its aim is to expand distribution through high-end department and speciality stores, as well as through its own retail outlets. Marimekko is also to open new stores in Malmö, Sweden, and Berlin, Germany, by the end of the year, adding to its existing retail portfolio of outlets in London, Stockholm and Frankfurt, plus its 22 stores in Finland.
South Korea’s first Marimekko concept store is due to open in Seoul in October this year by ID Look, a subsidiary of Japanese distributor Look.
“The effect of these investments is reflected in the second quarter results, and they will continue to have an impact on the group’s earnings for the remainder of the year,” said Mika Ihamoutila, president and ceo.