Marimekko unveiled its stellar Q3 results, revealing a remarkable 9% increase in net sales, reaching €47.9 million. The standout performer was the wholesale sector, witnessing an impressive 17% growth both internationally and in its native Finland.
Throughout July to September, net sales in Finland experienced a 6% uptick, fueled by non-recurring promotional deliveries boosting domestic wholesale. Despite strong retail sales, they fell slightly short of the record highs of the previous year. Internationally, sales soared by an impressive 13%.
This robust performance translated into an operating profit of €12.9 million, a significant leap from €11.1 million the previous year. Comparable operating profit mirrored this success, climbing to €13.1 million from the aforementioned €11.1 million.
Gains in operating profit were fueled not only by increased net sales but also by an enhanced relative sales margin. However, it’s essential to note that a rise in fixed costs did exert a slight negative impact on the figures.
Marimekko is currently navigating the early stages of a strategic period spanning 2023-2027, with a focus on scaling up its business and fostering growth in international markets. The company strategically emphasizes key cities, aiming to «build an omnichannel ecosystem and a strong local Marimekko community» to engage consumers through preferred channels and critical moments.
This strategic approach manifested in Q3, with strengthened positioning in Asia and Scandinavia. Highlights included the SS24 collection presentation at Copenhagen Fashion Week and the unveiling of redesigned flagship stores in Stockholm and Copenhagen.
Asia takes center stage as Marimekko’s most crucial geographical area for international growth. Q3 witnessed the inauguration of nine new partner-owned Marimekko stores, including three in Singapore and Vietnam, marking Marimekko’s entry into these new markets. The company views these locations as high-potential markets with significant growth opportunities.
Looking ahead, Marimekko anticipates overall net sales for 2023 to surpass the previous year, with a comparable operating profit margin estimated between 16-19%, compared to 18.2% the previous year. The brand continues to chart an upward trajectory, driven by strategic investments and a commitment to expanding its global presence.
Explore Marimekko’s triumphant journey in Q3 and its strategic vision for the future in the dynamic landscape of international markets.