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Marimekko

Marimekko is a Finnish lifestyle design house founded in 1951. The company is known for its original prints and colors. The company’s product categories consist of high-quality clothing, bags and accessories as well as home décor items. Marimekko’s product are sold in about 40 different countries, Finland and Asia being the largest market areas. The company has approximately 150 stores worldwide.
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Overview

Marimekko is a Finnish lifestyle design house founded in 1951. The company is known for its original prints and colors. The company’s product categories consist of high-quality clothing, bags and accessories as well as home décor items. Marimekko’s product are sold in about 40 different countries, Finland and Asia being the largest market areas. The company has approximately 150 stores worldwide.
Marimekko has a strong and unique brand which is enjoying great popularity in Finland and increasingly abroad. The company’s growth strategy relies on international expansion and attracting a broader audience, which should support growth and through improved volumes margin improvement. E-commerce and brand collaborations offer further margin expansion potential.

Financial overview

Equity research

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Marimekko
Marimekko - Good start despite challenging conditions

Marimekko’s Q1 figures exceeded our estimates driven by the timing of non-recurring wholesale promotional deliveries and surprisingly resilient domestic retail sales.

Company update |
Marimekko-Unikko-flower-print.
Marimekko
Marimekko - Strong start to the year

Marimekko’s Q1 results came in stronger than expected driven partly by the timing of non-recurring wholesale deliveries in Finland that boosted net sales.

Earnings Flash |
Marimekko-Unikko-flower-print.
Marimekko
Marimekko - Flat sales expected for Q1

Marimekko reports its Q1/24 figures 15th of May. We expect flat sales year-on-year and slightly lower EBIT as we model higher OPEX driven by increased fixed costs and overall cost inflation.

Preview |
Marimekko-Unikko-flower-print.
Marimekko
Marimekko - Domestic market presents challenges

Marimekko’s Q4 figures missed our estimates for net sales and adj. EBIT. While the performance was a slight letdown, we expect profitable growth to continue, although at a slightly slower pace as the domestic market presents challenges.

Company update |
Marimekko-Unikko-flower-print.
Marimekko
Marimekko - Another solid year in the books

Marimekko’s Q4 net sales and adj. EBIT missed our estimates slightly yet the story continued to develop favorably with strong intl. growth and solid margins.

Earnings Flash |
Marimekko-Unikko-flower-print.
Marimekko
Marimekko - Expecting a solid finish to the year

Marimekko reports its Q4 results on 15th of February. We anticipate that higher licensing revenue and increased sales from both domestic and global wholesale have sustained profitable growth.

Preview |
Marimekko-Unikko-flower-print.
Marimekko
Marimekko - Scaling according to the plan

Marimekko reported Q3 figures that were largely in line with our estimates. We estimate that the company’s current good form will continue to Q4. While the soft domestic market poses challenges for 2024, expected international profitable growth, particularly in the APAC region, is anticipated to support overall performance.

Company update |
Marimekko-Unikko-flower-print.
Marimekko
Marimekko - Well in line with expectations

Marimekko reported Q3 results well in line with our estimates. Both revenue and profitability were fairly in line while the margin was touch above our estimate. The guidance for 2023 was reiterated and the market outlook implies growth to continue in all of Marimekko’s main markets.

Earnings Flash |
Marimekko-Unikko-flower-print.
Marimekko
Marimekko - Expecting profitable growth

Marimekko reports its Q3 result 8th of November. We expect pick-up in growth driven by strong overall momentum outside Finland, new store openings and domestic non-recurring wholesale deliveries.

Preview |
Marimekko-Unikko-flower-print.
Marimekko
Marimekko - Accelerating towards year-end

Marimekko’s Q2 EBIT came in strong, and the company’s current profitability potential seems more robust than we earlier anticipated with increased outlook of licensing income. We adjusted our estimates such that 23E EBIT saw a 5% increase.

Company update |

Annual financials

Assets

Equity and liabilities

Cashflow

Environment

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Governance

Videos

Marimekko - Q3/19 with CEO Tiina Alahuhta-Kasko
Quarterly video |
Marimekko - Company presentation
Company presentation |

Annual and sustainability reports

Company news

Marimekko Corporation, Press release, 25 June 2024 at 15.00 p.m. 

Invitation to Marimekko Capital Markets Day 2024

Marimekko has the pleasure to invite investors, financial analysts and media to its Capital Markets Day on Wednesday, 11 September 2024 from 13.30 until 16.30 EEST. 

During the event, Marimekko’s President and CEO Tiina Alahuhta-Kasko together with other members of top management will elaborate on the progress of Marimekko’s strategy for years 2023–2027: Scaling up the Marimekko business and growth especially in international markets.  

The event will be held in English. Institutional investors, analysts and media are welcome to join the physical event at the Marimekko Headquarters in Helsinki, Finland. The Capital Markets Day can also be followed via a live webcast.  

Institutional investors, financial analysts and media representatives may already register for the physical Capital Markets Day event at ir@marimekko.com. A detailed agenda of the Capital Markets Day as well as information on participation via the webcast will be available closer to the event date on the company website at https://company.marimekko.com/en/investors/.  

A recording and the presentation materials of the Capital Markets Day will be available on the website after the event. 


Further information: 

Anna Tuominen, Communications Director 
Tel. +358 40 584 6944 
anna.tuominen@marimekko.com 

 
DISTRIBUTION: 
Key Media  
 
Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. In 2023, the company's net sales totaled EUR 174 million and comparable operating profit margin was 18.4 percent. Globally, there are roughly 170 Marimekko stores, and online store serves customers in 37 countries. The key markets are Northern Europe, the Asia-Pacific region and North America. The Group employs about 470 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com 


Marimekko Corporation, Managers’ transactions, 23 May 2024 at 2.00 p.m.

Marimekko Corporation: Managers' transactions (Vikkula)

Marimekko Corporation’s Annual General Meeting held on 16 April 2024 resolved that approximately 40 percent of the annual remuneration of the members of the Board of Directors will be paid in Marimekko’s shares acquired from the market. Pursuant to the resolution, shares have been acquired as follows: 

____________________________________________

Person subject to the notification requirement
Name: Vikkula, Marianne
Position: Member of the Board/Deputy member
Issuer: Marimekko Corporation
LEI: 74370053IOY42B9YJ350

Notification type: INITIAL NOTIFICATION
Reference number: 74370053IOY42B9YJ350_20240522093447_43
____________________________________________

Transaction date: 2024-05-21
Venue: XHEL
Instrument type: SHARE
ISIN: FI0009007660
Nature of the transaction: RECEIPT OF A SHARE-BASED INCENTIVE

Transaction details
(1): Volume: 847 Unit price: 0.00 EUR

Aggregated transactions
(1): Volume: 847 Volume weighted average price: 0.00 EUR

MARIMEKKO CORPORATION

Released by: Corporate Communications, Anna Tuominen, tel. +358 40 584 6944

DISTRIBUTION:
Nasdaq Helsinki Ltd
Key media

Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. In 2023, the company's net sales totaled EUR 174 million and comparable operating profit margin was 18.4 percent. Globally, there are roughly 170 Marimekko stores, and online store serves customers in 35 countries. The key markets are Northern Europe, the Asia-Pacific region and North America. The Group employs about 470 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com


Marimekko Corporation, Managers’ transactions, 23 May 2024 at 2.00 p.m.

Marimekko Corporation: Managers' transactions (Takebayashi)

Marimekko Corporation’s Annual General Meeting held on 16 April 2024 resolved that approximately 40 percent of the annual remuneration of the members of the Board of Directors will be paid in Marimekko’s shares acquired from the market. Pursuant to the resolution, shares have been acquired as follows:

____________________________________________

Person subject to the notification requirement
Name: Takebayashi, Tomoki
Position: Member of the Board/Deputy member
Issuer: Marimekko Corporation
LEI: 74370053IOY42B9YJ350

Notification type: INITIAL NOTIFICATION
Reference number: 74370053IOY42B9YJ350_20240522093447_42
____________________________________________

Transaction date: 2024-05-21
Venue: XHEL
Instrument type: SHARE
ISIN: FI0009007660
Nature of the transaction: RECEIPT OF A SHARE-BASED INCENTIVE

Transaction details
(1): Volume: 847 Unit price: 0.00 EUR

Aggregated transactions
(1): Volume: 847 Volume weighted average price: 0.00 EUR

MARIMEKKO CORPORATION

Released by: Corporate Communications, Anna Tuominen, tel. +358 40 584 6944

DISTRIBUTION:
Nasdaq Helsinki Ltd
Key media

Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. In 2023, the company's net sales totaled EUR 174 million and comparable operating profit margin was 18.4 percent. Globally, there are roughly 170 Marimekko stores, and online store serves customers in 35 countries. The key markets are Northern Europe, the Asia-Pacific region and North America. The Group employs about 470 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com


Marimekko Corporation, Managers’ transactions, 23 May 2024 at 2.00 p.m.

Marimekko Corporation: Managers' transactions (Chen)

Marimekko Corporation’s Annual General Meeting held on 16 April 2024 resolved that approximately 40 percent of the annual remuneration of the members of the Board of Directors will be paid in Marimekko’s shares acquired from the market. Pursuant to the resolution, shares have been acquired as follows:

____________________________________________

Person subject to the notification requirement
Name: Chen, Carol
Position: Member of the Board/Deputy member
Issuer: Marimekko Corporation
LEI: 74370053IOY42B9YJ350

Notification type: INITIAL NOTIFICATION
Reference number: 74370053IOY42B9YJ350_20240522093447_40
____________________________________________

Transaction date: 2024-05-21
Venue: XHEL
Instrument type: SHARE
ISIN: FI0009007660
Nature of the transaction: RECEIPT OF A SHARE-BASED INCENTIVE

Transaction details
(1): Volume: 847 Unit price: 0.00 EUR

Aggregated transactions
(1): Volume: 847 Volume weighted average price: 0.00 EUR

MARIMEKKO CORPORATION

Released by: Corporate Communications, Anna Tuominen, tel. +358 40 584 6944

DISTRIBUTION:
Nasdaq Helsinki Ltd
Key media

Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. In 2023, the company's net sales totaled EUR 174 million and comparable operating profit margin was 18.4 percent. Globally, there are roughly 170 Marimekko stores, and online store serves customers in 35 countries. The key markets are Northern Europe, the Asia-Pacific region and North America. The Group employs about 470 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com


Marimekko Corporation, Managers’ transactions, 23 May 2024 at 2.00 p.m.

Marimekko Corporation: Managers' transactions (Brunazzo)

Marimekko Corporation’s Annual General Meeting held on 16 April 2024 resolved that approximately 40 percent of the annual remuneration of the members of the Board of Directors will be paid in Marimekko’s shares acquired from the market. Pursuant to the resolution, shares have been acquired as follows:

____________________________________________

Person subject to the notification requirement
Name: Brunazzo, Massimiliano
Position: Member of the Board/Deputy member
Issuer: Marimekko Corporation
LEI: 74370053IOY42B9YJ350

Notification type: INITIAL NOTIFICATION
Reference number: 74370053IOY42B9YJ350_20240522093447_39
____________________________________________

Transaction date: 2024-05-21
Venue: XHEL
Instrument type: SHARE
ISIN: FI0009007660
Nature of the transaction: RECEIPT OF A SHARE-BASED INCENTIVE

Transaction details
(1): Volume: 847 Unit price: 0.00 EUR

Aggregated transactions
(1): Volume: 847 Volume weighted average price: 0.00 EUR

MARIMEKKO CORPORATION

Released by: Corporate Communications, Anna Tuominen, tel. +358 40 584 6944

DISTRIBUTION:
Nasdaq Helsinki Ltd
Key media

Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. In 2023, the company's net sales totaled EUR 174 million and comparable operating profit margin was 18.4 percent. Globally, there are roughly 170 Marimekko stores, and online store serves customers in 35 countries. The key markets are Northern Europe, the Asia-Pacific region and North America. The Group employs about 470 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com


Marimekko Corporation, Managers’ transactions, 23 May 2024 at 2.00 p.m.

Marimekko Corporation: Managers' transactions (Kangas-Kärki)

Marimekko Corporation’s Annual General Meeting held on 16 April 2024 resolved that approximately 40 percent of the annual remuneration of the members of the Board of Directors will be paid in Marimekko’s shares acquired from the market. Pursuant to the resolution, shares have been acquired as follows:

____________________________________________

Person subject to the notification requirement
Name: Kangas-Kärki, Teemu
Position: Member of the Board/Deputy member
Issuer: Marimekko Corporation
LEI: 74370053IOY42B9YJ350

Notification type: INITIAL NOTIFICATION
Reference number: 74370053IOY42B9YJ350_20240522093447_41
____________________________________________

Transaction date: 2024-05-21
Venue: XHEL
Instrument type: SHARE
ISIN: FI0009007660
Nature of the transaction: RECEIPT OF A SHARE-BASED INCENTIVE

Transaction details
(1): Volume: 1129 Unit price: 0.00 EUR

Aggregated transactions
(1): Volume: 1129 Volume weighted average price: 0.00 EUR

MARIMEKKO CORPORATION

Released by: Corporate Communications, Anna Tuominen, tel. +358 40 584 6944

DISTRIBUTION:
Nasdaq Helsinki Ltd
Key media

Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. In 2023, the company's net sales totaled EUR 174 million and comparable operating profit margin was 18.4 percent. Globally, there are roughly 170 Marimekko stores, and online store serves customers in 35 countries. The key markets are Northern Europe, the Asia-Pacific region and North America. The Group employs about 470 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com


Marimekko Corporation, Interim Report, 15 May 2024 at 8.00 a.m.

INTERIM REPORT OF MARIMEKKO CORPORATION, 1 January–31 March 2024: Marimekko’s net sales grew in the first quarter in particular as a result of timing of non-recurring promotional deliveries and operating profit improved

This release is a summary of Marimekko’s interim report for the January-March period of 2024. The complete report is attached to this release as a pdf file and it is also available on the company’s website at company.marimekko.com under Releases & publications.

The first quarter in brief

  • Marimekko’s net sales increased by 7 percent and totaled EUR 37.7 million (35.3). Net sales were boosted in particular by the growth of wholesale sales in Finland, as the amount of non-recurring promotional deliveries falling in the first quarter was significantly higher than estimated. The increase in net sales was also driven by the growth of international net sales.
  • Net sales in Finland grew by 8 percent. International sales grew by 6 percent as wholesale sales developed favorably both in the Asia-Pacific region and North America and licensing income grew considerably.
  • Operating profit was EUR 5.1 million (3.8) and comparable operating profit totaled EUR 5.2 million (3.8) equaling to 13.8 percent of net sales (10.9).
  • Operating profit was boosted especially by increased net sales and improved relative sales margin. On the other hand, an increase in fixed costs had a weakening impact on operating profit.

Financial guidance for 2024

The Marimekko Group's net sales for 2024 are expected to grow from the previous year (2023: EUR 174.1 million). Comparable operating profit margin is estimated to be approximately some 16–19 percent (2023: 18.4 percent). Development of consumer confidence and purchasing power, particularly in Finland, global supply chain disruptions and the general inflation development cause volatility to the outlook for 2024.

Uncertainties related to the development of net sales and result are described in more detail in the Major risks and factors of uncertainty section of the Interim Report.

Key figures

(EUR million)
        
1–3/
2024
1–3/
2023
Change,
%
1–12/
2023
Net sales 37.7 35.3 7 174.1
International sales 18.2 17.3 6 75.2
% of net sales 48 49   43
EBITDA 7.4 6.1 21 40.6
Comparable EBITDA 7.5 6.2 22 41.2
Operating profit 5.1 3.8 33 31.4
Operating profit margin, % 13.4 10.8   18.0
Comparable operating profit 5.2 3.8 36 32.0
Comparable operating profit margin, % 13.8 10.9   18.4
Result for the period 3.9 2.4 61 23.6
Earnings per share, EUR 0.10 0.06 61 0.58
Comparable earnings per share, EUR 0.10 0.06 63 0.59
Cash flow from operating activities -0.7 -2.0 64 29.4
Gross investments 0.5 0.2 135 2.0
Return on capital employed (ROCE), % 34.1 27.7   33.0
Equity ratio, % 58.4 53.6   54.1
Gearing, % -1.8 9.6   -6.3
Net debt / EBITDA (rolling 12 months) -0.03 0.15   -0.10
Personnel at the end of the period 446 449 -1 468
outside Finland 78 76 3 83
Brand sales 1 99.7 84.5 18 376.7
outside Finland 73.7 60.0 23 249.0
proportion of international sales, % 74 71   66
Number of stores 162 154 5 167

The change percentages in the table were calculated on exact figures before the amounts were rounded to millions of euros. The figure for comparable earnings per share takes account of similar items as comparable operating profit; tax effect included. Reconciliation of alternative key figures to IFRS and management’s discretion regarding items affecting comparability are presented in the table section of the Interim Report.

1 Brand sales are given as an alternative non-IFRS key figure, representing the reach of the Marimekko brand through different distribution channels. An unofficial estimate of sales of Marimekko products at consumer prices, brand sales are calculated by adding together the company’s own retail net sales and the estimated retail value of Marimekko products sold by other retailers. The estimated retail value is based on the company’s realized wholesale sales and licensing income. Brand sales do not include VAT, and the key figure is not audited. Some licensees provide exact retail figures, in which case these figures are used in reporting brand sales. For other licensing agreements, Marimekko’s own retail coefficients for different markets are used. Licensing income is reported as brand sales when licensed products are sold.

Tiina Alahuhta-Kasko, President and CEO, in conjunction with the report:

“Marimekko had a good start to the year 2024, and an impressive one in terms of our brand communications. This year, we are celebrating the 60th anniversary of the Unikko print, which supports our momentum to continue our determined work to scale up our profitable growth in spite of the weaker general market situation.

Marimekko’s net sales for the first quarter of 2024 increased by seven percent and amounted to EUR 37.7 million (35.3). Net sales were boosted especially by the growth of wholesale sales in Finland as the amount of non-recurring promotional deliveries falling in the first quarter was significantly higher than estimated. The increase in net sales was also driven by the growth of international net sales. Our international net sales increased by six percent, due to the favorable development of wholesale sales in the Asia-Pacific region and North America, as well as the significant growth of licensing income. The general market situation in Finland remained challenging. Nevertheless, the strong appeal of our brand was demonstrated by the continued positive development of our omnichannel retail sales in Finland, with growth of two percent even in a highly tactical business environment. Total net sales in Finland increased by eight percent.

Net sales growth and the improved relative sales margin increased our operating result. In January–March, our comparable operating profit grew by 36 percent to EUR 5.2 million (3.8), representing 13.8 percent of net sales (10.9). Our fixed costs increased as planned, driven particularly by investments in growth. Marimekko’s overall financial position remained strong.

In 2024, we are celebrating the 60th anniversary of our most renowned print design, Unikko, designed by Maija Isola. To celebrate the anniversary, our collections feature a number of special products and, since the turn of the year, Unikko has delighted friends of Marimekko around the world in many ways, including an installation at the Lux Helsinki light festival, a painted iconic streetcar livening up the Hong Kong streetscape, and fashion shows at Copenhagen Fashion Week and in Bangkok. In Japan, Marimekko had the honor of being the first international brand to participate in Rakuten Fashion Week Tokyo, where we presented our upcoming fall collection in mid-March. The continued celebration of the Unikko print throughout the year will provide us with an excellent opportunity to continue our consistent efforts to introduce new audiences to Marimekko and deepen our relationship with the Marimekko community in Finland and around the world.

Various brand collaborations also play an important role in increasing our international brand awareness, which is a prerequisite for our growth strategy. In the first quarter, we launched a new limited-edition brand collaboration collection with the global apparel retailer UNIQLO and a collaboration with the global technology company Samsung. After the review period, we also announced a second collaboration collection with UNIQLO and an upcoming cooperation with the Finnish brand Kalevala Jewelry that will celebrate the Unikko design.

While ensuring the global coherence of the Marimekko brand, we want to have a strong presence in the daily lives of our local customers in each market. We have defined Asia as the most important geographical region for our international growth in the coming years. This was reflected in our collections during the spring in special products and events celebrating, for instance, Lunar New Year and the sakura cherry blossom season in Japan. Omnichannel Marimekko retail, operated by us or our loose franchise partners, represents the core of our distribution strategy. In the first quarter, we complemented our omnichannel retail network in Asia by launching a new digital channel in China and Marimekko online stores in Vietnam and Malaysia were opened. In Japan, two Marimekko stores were opened in Koshigaya and Sendai. In addition, two pop-up stores delighted our customers in Australia. Our total net sales in the Asia-Pacific region increased by 22 percent in the first quarter.

Internationally growing brand awareness, our developing omnichannel store network, and impactful communal experiences around the Marimekko brand support us in scaling up our business. We are excited to continue building the global Marimekko phenomenon together with the constantly expanding Marimekko community, our shareholders, our personnel, and our partners."

Market outlook and growth targets for 2024

The uncertainties related to the development of the global economy, such as geopolitical tensions and their impact on the general economic situation, and general cost inflation influence consumer confidence, purchasing power and behavior and, as a result, can have an impact on Marimekko’s business in 2024, especially in the important domestic market of Finland. Different exceptional situations may cause even significant disruptions in production and logistics chains, and may thus have a negative impact on the company’s sales, profitability and cash flow.

Finland, Marimekko’s important domestic market, traditionally represents about half of the company’s net sales. Sales in Finland in 2024 are impacted by the weak general economy and low consumer confidence as well as the development of purchasing power and behavior. The tactical operating environment also has an impact on the business. The timing between quarters of the non-recurring promotional deliveries in Finnish wholesale sales and their size typically vary on an annual basis. In 2024, the non-recurring promotional deliveries in wholesale sales are expected to be significantly lower than in the comparable year and weighted clearly in the first half of the year. Despite the weak market situation, net sales in Finland are expected to be approximately at the level of the previous year.

International sales are estimated to grow in 2024. In the strategy period 2023–2027, Marimekko will focus on Asia as the most important geographical area for international growth. In 2024, net sales in the Asia-Pacific region, Marimekko’s second-largest market, are expected to increase. Japan is clearly the most significant country in this region to Marimekko and already has a very comprehensive network of Marimekko stores. All brick-and-mortar Marimekko stores and most online stores in Asia are partner-owned. In 2024, the aim is to open approximately 10–15 new Marimekko stores and shop-in-shops, and most of the planned openings will be in Asia.

Licensing income in 2024 is forecasted to be approximately at the previous year’s record level.

Because of the seasonal nature of Marimekko’s business, the major portion of the company’s euro-denominated net sales and operating result are traditionally generated during the second half of the year.

Marimekko develops its business with a long-term view and aims to scale its profitable growth in the upcoming years. In 2024, fixed costs are expected to be up on the previous year. The general cost inflation continues to affect Marimekko in 2024. Personnel expenses are impacted, for example, by general pay increases in different markets. In 2024, Marimekko is celebrating the 60th anniversary of the Unikko pattern, which provides the company with a unique opportunity to grow international awareness through, for example, various events around the world. Marketing expenses are expected to increase (2023: EUR 9.5 million).

Early commitments to product orders from supplier partners, typical of the industry but partly further emphasized by the exceptional situations, undermine the company’s ability to optimize product orders and respond to rapid changes in demand and consumer behavior, which also increases risks related to inventory management and relative profitability. The domestic non-recurring wholesale promotional deliveries also raise inventory risks. Marimekko works actively to ensure functioning production and logistics chains, to avoid delays, to mitigate the negative impacts of generally increased costs, and to enhance inventory management.

Marimekko is closely monitoring the general economic situation, the development of consumer confidence and purchasing power and the impacts of different exceptional situations, and the company will adjust its operations and plans according to the circumstances.

Media and investor conference

A conference for media and institutional investors will be held in English on 15 May 2024 at 2.00 p.m. EEST. A live webcast of the conference can be followed at https://marimekko.videosync.fi/q1-2024, and a recording of the webcast will be available at the same address later. Questions can be asked during the live webcast in writing.

Further information:

Tiina Alahuhta-Kasko, President and CEO, tel. +358 9 758 71
Elina Anckar, CFO, tel. +358 9 758 7261

MARIMEKKO CORPORATION
Corporate Communications

Anna Tuominen
Tel. +358 40 5846944
anna.tuominen@marimekko.com

DISTRIBUTION:
Nasdaq Helsinki Ltd
Key media

Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. In 2023, the company's net sales totaled EUR 174 million and comparable operating profit margin was 18.4 percent. Globally, there are roughly 170 Marimekko stores, and online store serves customers in 35 countries. The key markets are Northern Europe, the Asia-Pacific region and North America. The Group employs about 470 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com


 

 

 

Attachment


Marimekko Corporation, Press release 8 May 2024 at 11.00 a.m.

Release of Marimekko's Interim Report, 1 January–31 March 2024

Marimekko Corporation’s Interim Report 1 January–31 March 2024 will be published on Wednesday 15 May 2024 at 8.00 a.m. EEST. The report and related materials will be available on the company’s website at https://company.marimekko.com/investors after the publication.

A media and investor conference will be held in English on 15 May 2024 at 2.00 p.m. EEST. A live webcast of the conference can be followed at https://marimekko.videosync.fi/q1-2024, and a recording of the webcast will be available at the same address later. Questions can be asked during the live webcast in writing.

Additional information:
Anna Tuominen, Marimekko Communications
Tel. +358 40 584 6944
anna.tuominen@marimekko.com

DISTRIBUTION:
Key media

Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. In 2023, the company's net sales totaled EUR 174 million and comparable operating profit margin was 18.4 percent. Globally, there are roughly 170 Marimekko stores, and online store serves customers in 35 countries. The key markets are Northern Europe, the Asia-Pacific region and North America. The Group employs about 470 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com



Marimekko Corporation, Press release, 6 May 2024 at 9.30 a.m.

Marimekko celebrates the 60th anniversary of the Unikko print in Helsinki and Tokyo with public open-air fashion shows

The annual Marimekko Day is celebrated in mid-May with a public open-air fashion show in Helsinki and in Marimekko stores globally. To celebrate the 60-year-old iconic Unikko print, the fashion show will also be seen in Tokyo for the first time.

Esplanade Park in the heart of Helsinki will bloom during Marimekko Day on 17 May as Marimekko invites its community to enjoy colorful and inspiring summer fashion starring the 60-year-old Unikko print. In addition to Marimekko’s Spring/Summer 2024 collection, the open-for-all fashion show features live music by Arppa & the band to accompany the models. The event is hosted by Marimekko’s President and CEO Tiina Alahuhta-Kasko and journalist Maria Veitola.

In honor of the 60th anniversary of Marimekko’s most beloved print Unikko, the Marimekko Day fashion show will also extend to Tokyo for the first time on 18 May. During the strategy period of 2023–2027, Marimekko focuses on scaling its growth with Asia as the most important geographical area for international growth.

“Marimekko’s tradition of open-for-all fashion shows crystallizes our brand’s message of joy and empowerment, and has done so since 1992. As we are celebrating the 60th anniversary of our most iconic and globally renowned print Unikko, we wanted to extend Marimekko Day to one of our key cities. Marimekko has a strong community in Japan, and we are excited to bring this beloved tradition to Tokyo for the first time,” says Marimekko's President and CEO Tiina Alahuhta-Kasko.

Marimekko’s Spring/Summer 2024 collection brings joy to summer days

The collection seen during Marimekko Day merges feminine minimalism with modern utilitarian workwear, both equally representative of the rich design heritage of the brand. The Unikko print is also celebrated in the collection in more ways than one, including different scales, placements, colorways and techniques.

“The Spring/Summer 2024 collection reflects Marimekko’s mission to bring joy to people’s everyday lives through bold prints and colors, which also creates the perfect summer wardrobe. The collection includes colorful and relaxed poplin dresses, skirts, shirts, coats, pants and shorts for effortless layering, making it easy to create different styles,” adds Marimekko’s Design Director of Ready-to-Wear and Bags & Accessories, Emmakaisa Kirves.

The Marimekko Day fashion shows take place in Esplanade Park in Helsinki on Friday 17 May 2024 at 12, 13.30, 16 and 18.
Tokyo’s summer fashion show, open to the press, influencers and public, takes place on Saturday 18 May 2024.

Photos: https://mediabank.marimekko.fi/l/FZngVvTvxzcW
Read more: Marimekko Day

Further information:
Leena Salomaa, Marimekko Communications
Tel. +358 9 758 7233
leena.salomaa@marimekko.com

DISTRIBUTION:
Key media

About Marimekko
Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. In 2023, the company's net sales totaled EUR 174 million and comparable operating profit margin was 18.4 percent. Globally, there are roughly 170 Marimekko stores, and online store serves customers in 35 countries. The key markets are Northern Europe, the Asia-Pacific region and North America. The Group employs about 470 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com


 


Marimekko Corporation, Press release, 23 April 2024 at 9.00 a.m. EEST

Finnish lifestyle design house Marimekko and global apparel retailer UNIQLO will launch a new limited-edition collaboration collection in May 2024. The collection is made of simple and comfortable UNIQLO pieces and Marimekko’s timeless archive patterns that showcase the brand’s art of printmaking.

The UNIQLO x Marimekko Summer 2024 limited-edition collection includes items for all ages from women to children and babies. The assortment offers a wide array of comfortable dresses, T-shirts and skirts. To perfect the looks, the line also features matching accessories, including the popular round mini shoulder bags in different Marimekko prints.

“The overarching theme for this collection is the idea of a joyful summer picnic with friends and family. We are excited to bring some of our iconic archive prints to this colorful selection of UNIQLO’s easy summer dresses, matching accessories and more. Each item reflects the bold and optimistic lifestyle philosophy that Marimekko’s print design is known for. Our earlier collaborations with UNIQLO have given us the opportunity to share Marimekko’s art of printmaking to a wide, global audience, and therefore we are excited to continue working together,” says Marimekko’s Chief Creative Director Rebekka Bay.

“We are delighted to collaborate with Marimekko once again this summer. The Marimekko prints feature patterns that are inspired by nature. For this collection we chose a selection of prints that would be perfect for the seasons when the sun is shining. The latest lineup includes items for women and girls as well as babies. I hope everyone enjoys the UNIQLO x Marimekko collection for the sunny and cheerful season ahead,” commented Yukihiro Katsuta, Head of Research & Development, UNIQLO.

The collection includes Marimekko’s patterns fit for summer from three different decades: 1950s, 1960s and 1970s. Melooni (melon) and Ruukku (pot for flowers) by Maija Isola, Pentti Rinta’s wavy Lirinä (the sound of gurgling water) and minimalistic Asema (station), Demeter print from the 1970s by Katsuji Wakisaka, and adding the final touch to the collection is Vuokko Eskolin-Nurmesniemi's striped classic Galleria (gallery).

Limited-edition UNIQLO x Marimekko Summer 2024 collaboration collection will be available in UNIQLO stores and at online stores (uniqlo.com) globally where it operates from 2 May 2024 onward. The launch date differs from country to country.

Limited-edition brand collaborations increase Marimekko’s international brand awareness and this way support Marimekko’s international growth strategy. In addition, brand collaboration collections typically generate licensing income to Marimekko. Licensing income from the collaboration with UNIQLO has been recognized as revenue for Marimekko in the Asia-Pacific region in the second, third and fourth quarter of 2023.   

Photos: https://mediabank.marimekko.fi/l/6MRNgF_t5fX9

Read more: https://www.marimekko.com/com_en/uniqlo-x-marimekko-summer-2024-limited-edition-collection

Further information:
Asta Halme, Marimekko Communications
Tel. +358 9 758 7233
asta.halme@marimekko.com

DISTRIBUTION:
Key media

About Marimekko
Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. In 2023, the company's net sales totaled EUR 174 million and comparable operating profit margin was 18.4 percent. Globally, there are roughly 170 Marimekko stores, and online store serves customers in 35 countries. The key markets are Northern Europe, the Asia-Pacific region and North America. The Group employs about 470 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com

About UNIQLO and Fast Retailing
UNIQLO is a brand of Fast Retailing Co., Ltd., a leading Japanese retail holding company with global headquarters in Tokyo, Japan. UNIQLO is the largest of eight brands in the Fast Retailing Group, the others being GU, Theory, PLST, Comptoir des Cotonniers, Princesse tam.tam, J Brand and Helmut Lang. With global sales of approximately 2.77 trillion yen for the 2023 fiscal year ending August 31, 2023 (US $18.92 billion, calculated in yen using the end of August 2023 rate of $1 = 146.2 yen), Fast Retailing is dedicated to creating great clothing with new and unique value to enrich the lives of people everywhere. Its corporate statement is Changing Clothes, Changing Conventional Wisdom. Change the World.

Today UNIQLO has a total of more than 2,400 UNIQLO stores across the world, including Japan, Asia, Europe and North America. For more information, visit www.uniqlo.com.



Marimekko Corporation, Stock Exchange Release 16 April 2024 at 3.40 p.m.


Resolutions of Marimekko Corporation’s Annual General Meeting and the Board of Directors’ constitutive meeting


At Marimekko Corporation’s Annual General Meeting (the AGM), held today, and at the subsequent constitutive meeting of the Board of Directors, the following resolutions were passed.


A. RESOLUTIONS OF THE ANNUAL GENERAL MEETING

Adoption of the financial statements

Marimekko Corporation’s income statement and balance sheet and the consolidated income statement and balance sheet for 2023 were adopted.


Payment of dividend

The AGM approved the Board of Directors’ proposal to distribute a dividend of EUR 0.37 per share for the financial year 2023. The dividend will be paid on 25 April 2024 to shareholders who are registered on the dividend payout record date of 18 April 2024 in the company’s shareholder register held by Euroclear Finland Ltd on behalf of the Board of Directors of the company.


Discharge from liability

The members of the Board of Directors and the President and CEO of the company were discharged from liability for the financial year 1 January–31 December 2023.


Adoption of the remuneration report for governing bodies

The AGM adopted the remuneration report for governing bodies as an advisory resolution.


Adoption of the remuneration policy for governing bodies

The AGM adopted the remuneration policy for governing bodies as an advisory resolution.


Remuneration of the members of the Board of Directors

The AGM resolved that the annual remuneration payable to the members of the Board be as follows: EUR 55,000 to the Chair, EUR 40,000 to the Vice Chair and EUR 30,000 to the other Board members. Board members who reside outside Finland receive EUR 1,000 per Board meeting where they are physically present. It was further resolved that a separate remuneration be paid for committee work to persons elected to a committee as follows: EUR 2,000 per meeting to the Chair and EUR 1,000 per meeting to members. Mika Ihamuotila will not receive the separate remuneration for committee work.

In accordance with the resolution by the AGM, approximately 40 percent of the annual remuneration of the members of the Board of Directors will be paid in Marimekko Corporation’s shares acquired from the market and the rest in cash. The shares will be acquired directly on behalf of the Board members within two weeks from the release of the interim report for 1 January–31 March 2024 or at the first time as possible under applicable legislation. The annual remuneration will be paid entirely in cash, if a Board member on the date of the AGM, 16 April 2024, holds the company’s shares worth more than EUR 1,000,000.


Board of Directors

The AGM resolved that the company’s Board of Directors consist of six members. Carol Chen, Mika Ihamuotila, Teemu Kangas-Kärki, Tomoki Takebayashi and Marianne Vikkula were re-elected to the Board and Massimiliano Brunazzo was elected as a new member to the Board of Directors. The Board’s term of office ends at the conclusion of the next AGM.


Election and remuneration of the auditor and the authorized sustainability auditor

It was resolved to re-elect KPMG Oy Ab, Authorized Public Accountants, as the company’s auditor. Heli Tuuri, Authorized Public Accountant, acts as the auditor with principal responsibility. In addition, it was resolved to elect the company's auditor for the assurance of the company's sustainability reporting for the financial year 2024. It was also resolved that the auditor’s fees will be paid as per invoice approved by the company.


Authorization of the Board of Directors to decide on the acquisition of the company’s own shares

The AGM authorized the Board of Directors to decide on the acquisition of a maximum of 150,000 of the company’s own shares in one or more instalments. The maximum number of shares represents approximately 0.4 percent of the total number of the company’s shares. The shares would be acquired with funds from the company’s non-restricted equity, which means that the acquisition would reduce funds available for distribution. The shares would be acquired otherwise than in proportion to the shareholdings of the shareholders through public trading on Nasdaq Helsinki Ltd at the market price prevailing at the time of acquisition and in accordance with the rules and regulations of Nasdaq Helsinki Ltd. The shares would be acquired to be used as a part of the company’s incentive system, to be transferred for other purposes or to be cancelled. The Board of Directors is authorized to decide on all of the other terms and conditions of the acquisition of the shares. The authorization is valid until 16 October 2025, and it supersedes the authorization granted by the 2023 AGM.


Authorization of the Board of Directors to decide on issuance of new shares and transfer of the company’s own shares

The AGM authorized the Board of Directors to decide on the issuance of new shares and the transfer of the company’s own shares in one or more instalments. The total number of shares to be issued or transferred pursuant to the authorization may not exceed 200,000 new or the company’s own shares. The number of shares represents approximately 0.5 percent of the total number of the company’s shares. Pursuant to the authorization, the Board may decide on a directed share issue in deviation from the shareholders’ pre-emptive rights for a weighty financial reason, such as the company’s incentive system, personnel share issue, developing the company’s capital structure, using the shares as consideration in possible company acquisitions or carrying out other business transactions. The share issue may be subject to a charge or free. A directed share issue can be free of charge only if there is a particularly weighty financial reason for the company and taking into account the interests of all of the company’s shareholders. The subscription price of the new shares and the amount paid for the company’s own shares would be recorded in the company’s reserve for invested non-restricted equity. The Board of Directors is authorized to decide on all of the other terms and conditions of the share issue. The authorization is valid until 16 October 2025, and it supersedes the authorization granted by the 2023 AGM.


B. RESOLUTIONS OF THE BOARD OF DIRECTORS’ CONSTITUTIVE MEETING

From among its members, the Board of Directors elected Mika Ihamuotila as Chair of the Board and Teemu Kangas-Kärki as Vice Chair of the Board. The Board also elected Teemu Kangas-Kärki as Chair and Mika Ihamuotila and Marianne Vikkula as members of the Audit and Remuneration Committee. The majority of the Committee are independent of the company and its significant shareholders. Mika Ihamuotila is not independent of the company nor its significant shareholders due to his indirect shareholding through PowerBank Ventures Ltd, equaling 12.5 percent of the shares and votes in the company.


C. MINUTES OF THE ANNUAL GENERAL MEETING

The minutes of the AGM can be viewed on the company’s website at company.marimekko.com under Investors/Management/General Meeting as of 30 April 2024 at the latest.

MARIMEKKO CORPORATION
Corporate Communications

Anna Tuominen
Tel. +358 40 5846944
anna.tuominen@marimekko.com

DISTRIBUTION:
Nasdaq Helsinki Ltd
Key media

Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. In 2023, the company's net sales totaled EUR 174 million and comparable operating profit margin was 18.4 percent. Globally, there are roughly 170 Marimekko stores, and online store serves customers in 35 countries. The key markets are Northern Europe, the Asia-Pacific region and North America. The Group employs about 470 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com


Marimekko Corporation, Stock Exchange Release 20 March 2024 at 11.00 a.m.

Marimekko’s annual report for 2023 is published

Marimekko Corporation has published today Marimekko’s year 2023 publication, which includes the consolidated financial statements, the parent company financial statements, the report of the Board of Directors, the statement of non-financial information, the corporate governance statement and the remuneration report for 2023. The report is published in English and Finnish in PDF format.

Marimekko publishes the financial statements in XHTML format in accordance with the European Single Electronic Format (ESEF) reporting requirements. In line with the ESEF requirements, the primary statements in the consolidated financial statements have been labelled with XBRL tags. Notes to financial statements have been labelled with XBRL block tags. Authorized Public Accountants KPMG Oy Ab has assured the XHTML file and the XBRL tags included in it in accordance with ISAE 3000.

The XHTML file and the Marimekko’s year 2023 publication in PDF format are attached to this release. The documents are also available on Marimekko’s website at https://company.marimekko.com/releases-publications/annual-reports. In addition, the updated remuneration policy is attached to this release and available on company’s website.

MARIMEKKO CORPORATION
Corporate Communications

Anna Tuominen
Tel. +358 40 584 6944
anna.tuominen@marimekko.com

DISTRIBUTION:
Nasdaq Helsinki Ltd
Key media

Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. In 2023, the company's net sales totaled EUR 174 million and comparable operating profit margin was 18.4 percent. Globally, there are roughly 170 Marimekko stores, and online store serves customers in 35 countries. The key markets are Northern Europe, the Asia-Pacific region and North America. The Group employs about 470 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com

Attachments


Marimekko Corporation, Stock Exchange Release, 15 February 2024 at 8.15 a.m.

Notice of Marimekko Corporation’s Annual General Meeting

The Annual General Meeting of Marimekko Corporation will be held on Tuesday 16 April 2024 at 2.00 p.m. (EEST) at Little Finlandia, at the address Karamzininranta 4, 00100 Helsinki. The registration of attendees and the distribution of voting slips will commence at the meeting venue at 1.00 p.m. (EEST).

Shareholders can also exercise their voting rights by voting in advance. In addition, it is possible to follow the Annual General Meeting online via webcast on the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2024. For further instructions, please refer to Section C “Instructions for the participants of the Annual General Meeting” of this notice.

A. Matters on the agenda of the Annual General Meeting

1. Opening of the meeting

2. Calling the meeting to order

3. Election of persons to scrutinize the minutes and supervise the counting of votes

4. Recording the legality of the meeting

5. Recording the attendance at the meeting and adoption of the list of votes

6. Presentation of the financial statements, the report of the Board of Directors and the auditor’s report for 2023

Review by the President and CEO.

The company’s financial statements, the report of the Board of Directors and the auditor’s report will be made available on 26 March 2024 at the latest on the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2024.

7. Adoption of the financial statements

8. Resolution on the use of the profit shown on the balance sheet and the payment of dividend

On 31 December 2023, the parent company’s distributable funds amounted to EUR 60,604,858.19 of which EUR 25,359,472.05 was profit for the financial year 2023. The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.37 per share be paid for the financial year 2023. The total amount of the proposed dividend is approximately EUR 15.0 million, and the remaining funds are to be retained in equity.

The Board of Directors proposes that the dividend will be paid to shareholders who are registered on the dividend payout record date of 18 April 2024 in the company’s shareholder register held by Euroclear Finland Ltd on behalf of the Board of Directors of the company. The Board of Directors proposes 25 April 2024 as the dividend payout date. No substantial changes in the company’s financial position have occurred after the end of the financial year. The company’s liquidity is good and, in the view of the Board of Directors, the proposed dividend payout does not jeopardize the company’s solvency.

9. Resolution on the discharge of the members of the Board of Directors and the President and CEO of the company from liability for the financial year 1 January–31 December 2023

10. Consideration of the remuneration report for governing bodies

The remuneration report for the year 2023, prepared in accordance with the remuneration policy adopted on 8 April 2020 by the company’s Annual General Meeting, will be published by way of a stock exchange release and will be available on 26 March 2024 at the latest on the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2024.           

The Board of Directors proposes that the Annual General Meeting adopt the company’s remuneration report for governing bodies as an advisory resolution.

11. Consideration of the remuneration policy for governing bodies

The Annual General Meeting of 2020 adopted the remuneration policy for the governing bodies. The remuneration policy must be presented to the Annual General Meeting at least every four years or whenever material changes are made to it.

The Board of Directors proposes that the Annual General Meeting adopt the company's updated remuneration policy for governing bodies as an advisory resolution.

The changes in the proposed remuneration policy for the governing bodies include increasing the maximum annual amount of the President and CEO’s short-term incentive to 50% of the annual salary to ensure the competitiveness of the remuneration (the previous maximum amount equaled to four months' gross salary) and incorporating sustainability-related targets into the operational evaluation criteria. Other changes compared to the remuneration policy confirmed at the Annual General Meeting of 2020 are of technical nature. The remuneration policy for the governing bodies is available on 26 March 2024 at the latest on the company's website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2024.

12. Resolution on the remuneration of the members of the Board of Directors

Shareholders representing in total approximately 27 percent of all the shares and votes of Marimekko Corporation have proposed to the Annual General Meeting, on the basis of the proposal of the Audit and Remuneration Committee consisting of members independent of the company and its significant shareholders, that the fees payable to the members and the Chair of the Board would be increased to be as follows: an annual remuneration of EUR 55,000 would be paid to the Chair (2023: EUR 48,000), EUR 40,000 to the Vice Chair (2023: EUR 35,000) and EUR 30,000 to the other Board members (2023: EUR 26,000). Board members who reside outside Finland would receive EUR 1,000 per Board meeting where they are physically present. In addition, it is proposed that a separate remuneration be paid for committee work to persons elected to a committee as follows: EUR 2,000 per meeting to Chair and EUR 1,000 per meeting to members. The fees for committee work would remain unchanged from 2023.

The fees payable to the Board members have not been increased since the Annual General Meeting of 2019. The proposal of the Audit and Remuneration Committee is based on a benchmark of remuneration used in other Finnish listed companies.

The above-mentioned shareholders have also proposed, based on the proposal of the Audit and Remuneration Committee, that approximately 40 percent of the annual remuneration of the members of the Board of Directors would be paid in Marimekko Corporation’s shares acquired from the market and the rest in cash. The shares would be acquired directly on behalf of the Board members within two weeks from the release of the interim report for 1 January–31 March 2024 or at the first time as possible under applicable legislation. The annual remuneration would be paid entirely in cash, if a Board member on the date of the Annual General Meeting, 16 April 2024, holds the company’s shares worth more than EUR 1,000,000.

If Mika Ihamuotila is elected a member and Chair of the Board of Directors as proposed in the section 14 of this notice in addition to the aforementioned annual remuneration, a monthly fee of EUR 5,000 for half-time duty as the Chair pursuant to a separate executive service agreement is proposed to be paid. The Audit and Remuneration Committee separately evaluates the terms of the service agreement, but Mika Ihamuotila will not take part in the evaluation. If Mika Ihamuotila is elected as a member of the Audit and Remuneration Committee, he will not receive the separate remuneration for committee work.

13. Resolution on the number of members of the Board of Directors

Shareholders representing in total approximately 27 percent of all the shares and votes of Marimekko Corporation have proposed to the Annual General Meeting that six (6) members be elected to the Board of Directors.

14. Election of the members of the Board of Directors

Shareholders representing in total approximately 27 percent of all the shares and votes of Marimekko Corporation have proposed to the Annual General Meeting that Carol Chen, Mika Ihamuotila, Teemu Kangas-Kärki, Tomoki Takebayashi and Marianne Vikkula be re-elected to the Board of Directors. Mikko-Heikki Inkeroinen started as Marimekko’s Chief Technology Officer and member of the Management Group on 29 January 2024 and resigned from his position as a member of the company’s Board of Directors on the same date.

The same shareholders further propose that Massimiliano Brunazzo be elected as a new member of the Board. Brunazzo (b. 1979, MBA) has been the CEO and President of EMEAI region at Bottega Veneta since 2019. Previously he has held various leadership positions at adidas and Hugo Boss, among other companies.

Carol Chen, Teemu Kangas-Kärki, Tomoki Takebayashi, Marianne Vikkula and Massimiliano Brunazzo are independent of the company and its significant shareholders according to the evaluation of the above-mentioned shareholders. Mika Ihamuotila is not independent of the company nor its significant shareholders due to his indirect shareholding through PowerBank Ventures Ltd, equaling 12.5 percent of the shares and votes in the company.

The proposed Board members have informed the company that, if they are elected, they intend to elect Mika Ihamuotila as Chair of the Board and Teemu Kangas-Kärki as Vice Chair of the Board as well as Teemu Kangas-Kärki as Chair and Mika Ihamuotila and Marianne Vikkula as members of the Audit and Remuneration Committee.

All proposed persons have given their consent to the election. The term of all the Board members ends at the end of the Annual General Meeting of 2025. Biographical details of the new proposed Board member are available on the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2024. Other proposed Board members are presented at https://company.marimekko.com/investors/management/board-of-directors.

15. Resolution on the remuneration of the auditor and the authorized sustainability auditor

In accordance with the recommendation of the Audit and Remuneration Committee, the Board of Directors proposes to the Annual General Meeting that the auditor’s remuneration be paid as per invoice approved by the company. The same is proposed to be applied to the auditor's remuneration for the assurance of the company's sustainability reporting for the financial year 2024.

16. Election of the auditor and the authorized sustainability auditor

In accordance with the recommendation of the Audit and Remuneration Committee, the Board of Directors proposes to the Annual General Meeting that KPMG Oy Ab, Authorized Public Accountants, be re-elected as the company’s auditor.

In addition, in accordance with the recommendation of the Audit and Remuneration Committee, the Board of Directors proposes to the Annual General Meeting that the company's auditor be elected for the assurance of the company's sustainability reporting for the financial year 2024.

17. Authorization of the Board of Directors to decide on the acquisition of the company’s own shares

The Board of Directors proposes that the Board be authorized by the Annual General Meeting to decide on the acquisition of a maximum of 150,000 of the company’s own shares in one or more instalments. The number of shares represents approximately 0.4 percent of the total number of the company’s shares at the time of the proposal. The shares would be acquired with funds from the company’s non-restricted equity, which means that the acquisition would reduce funds available for distribution. The shares would be acquired otherwise than in proportion to the shareholdings of the shareholders through public trading on Nasdaq Helsinki Ltd at the market price prevailing at the time of acquisition and in accordance with the rules and regulations of Nasdaq Helsinki Ltd. The shares would be acquired to be used as a part of the company’s incentive system, to be transferred for other purposes or to be cancelled. The authorization is proposed to include the right of the Board of Directors to decide on all of the other terms and conditions of the acquisition of the shares. The authorization is proposed to be valid for eighteen (18) months from the decision of the Annual General Meeting and to supersede the authorization granted by the 2023 Annual General Meeting.

18. Authorization of the Board of Directors to decide on the issuance of new shares and transfer of the company’s own shares

The Board of Directors proposes that the Board be authorized by the Annual General Meeting to decide on the issuance of new shares and the transfer of the company’s own shares in one or more instalments. The total number of shares to be issued or transferred pursuant to the authorization may not exceed 200,000 (new or the company’s own) shares, which represents approximately 0.5 percent of the total number of the company’s shares at the time of the proposal. Pursuant to the authorization, the Board may decide on a directed share issue in deviation from the shareholders’ pre-emptive rights for a weighty financial reason, such as the company’s incentive system, personnel share issue, developing the company’s capital structure, using the shares as consideration in possible company acquisitions or carrying out other business transactions. The share issue may be subject to a charge or free. A directed share issue can be free of charge only if there is a particularly weighty financial reason for the company and taking into account the interests of all of the company’s shareholders. The subscription price of the new shares and the amount paid for the company’s own shares would be recorded in the company’s reserve for invested non-restricted equity. The authorization is proposed to include the right of the Board of Directors to decide on all of the other terms and conditions of the share issue. The authorization is proposed to remain in force for a period of eighteen (18) months from the resolution of the Annual General Meeting and to supersede the authorization granted by the 2023 Annual General Meeting.

19. Closing of the meeting

B. Documents of the Annual General Meeting

The proposals for the decisions on the matters on the agenda of the Annual General Meeting as well as this notice are available on Marimekko Corporation’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2024. The company’s financial statements, the report of the Board of Directors, the auditor’s report, the remuneration report as well as the remuneration policy proposed to be adopted by the Annual General Meeting of 2024 will be available on the company’s website on 26 March 2024 at the latest. Copies of these documents and of this notice will be sent to shareholders upon request. The minutes of the Annual General Meeting can be viewed on the company’s website as of 30 April 2024 at the latest.

C. Instructions for the participants in the Annual General Meeting

1. Shareholders registered in the shareholders’ register

Each shareholder who on the record date for the Annual General Meeting, 4 April 2024, is registered in the shareholders’ register of the company, held by Euroclear Finland Oy, has the right to participate in the Annual General Meeting. A shareholder whose shares are registered on their personal Finnish book-entry account is registered in the shareholders’ register of the company.

A shareholder who is registered in the company's Shareholder Register and who wants to participate in the Annual General Meeting is requested to register for the meeting no later than 8 April 2024 at 4.00 p.m. (EEST), by which time the registration must be received.

Notice of participation can be given starting from Monday 11 March 2024 at 9.00 a.m. (EET):

a)   by filling in the registration form on the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2024

Electronic registration requires strong electronic authentication of the shareholder or the shareholder’s proxy representative or legal representative with a Finnish, Swedish or Danish bank ID or mobile certificate. If shareholders that are legal persons use Suomi.fi-authorizations, registration requires the authorized person’s strong electronic authentication with Finnish online banking codes or a mobile certificate.

b)   by mail or email

A shareholder registering by mail or email must submit the registration and advance voting form available on the company's website or corresponding information by mail to Innovatics Oy, Yhtiökokous / Marimekko Oyj, Ratamestarinkatu 13 A, 00520 Helsinki, Finland or by email to agm@innovatics.com.

In connection with the registration, a shareholder shall provide the requested information, such as their name, date of birth, business ID, email address, telephone number as well as the name and personal ID of a possible proxy representative or legal representative. The personal data given by shareholders to Marimekko Corporation or Innovatics Oy is used only in connection with the Annual General Meeting and the processing of the necessary related registrations. For further information on how Marimekko processes personal data, please review Marimekko Corporation’s privacy notice regarding the Annual General Meeting, which is available at the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2024 or contact the company by email at yk@marimekko.com. Please note that personal information provided in connection with registration by email is possibly sent through an unsecure connection on the shareholder’s own responsibility.

The shareholder, their authorized representative or proxy representative should, when necessary, be able to prove their identity and/or right of representation.

Further information on registration is available during the registration period of the Annual General Meeting by calling Innovatics Oy at +358 10 2818 909 on business days from 9:00 a.m. to 12:00 noon and from 1:00 p.m. to 4:00 p.m.

2. Holder of nominee-registered shares

A holder of nominee-registered shares has the right to participate in the Annual General Meeting by virtue of those shares based on which the holder on the record date for the Annual General Meeting, 4 April 2024, would be entitled to be registered in the shareholders’ register of the company, held by Euroclear Finland Oy. In addition, participation in the Annual General Meeting requires that the shareholder on the basis of such shares has been temporarily registered in the shareholders’ register held by Euroclear Finland Oy by 11 April 2024 at 10.00 a.m. (EEST) at the latest. As regards nominee-registered shares, this constitutes due registration for the Annual General Meeting. Changes in shareholding after the record date for the Annual General Meeting do not affect the right to participate in the Annual General Meeting or the number of votes held by the shareholder.

A holder of nominee-registered shares is advised to well in advance request the necessary instructions regarding the temporary registration in the shareholders’ register of the company, the issuing of proxy documents, voting instructions and registration for the Annual General Meeting from their custodian bank as well as voting in advance. The account manager of the custodian bank shall register a holder of nominee-registered shares who wishes to participate in the Annual General Meeting to be temporarily entered into the shareholders’ register of the company by the time stated above and shall arrange advance voting on behalf of the holder of nominee-registered shares within the registration period for nominee-registered shares.

3. Proxy representative and powers of attorney

A shareholder may participate in the Annual General Meeting and exercise their rights at the meeting by way of proxy representation. Shareholders proxy representative may also vote in advance in the manner described in this notice. A proxy representative shall provide a dated proxy document or otherwise in a reliable manner demonstrate their right to represent the shareholder at the Annual General Meeting. Should a shareholder participate in the Annual General Meeting by means of several proxy representatives representing the shareholder with shares on different book-entry accounts, the shares by which each proxy representative represents the shareholder shall be identified in connection with the registration.

Proxy and voting instruction templates will be available on the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2024 on 11 March 2024 at the latest. Any proxy documents, including the advance voting form, should be sent by mail to Innovatics Oy, Yhtiökokous / Marimekko Oyj, Ratamestarinkatu 13 A, 00520 Helsinki, Finland or by email to agm@innovatics.com. In addition to delivering the proxy documents, the shareholder or their proxy representative should register for the Annual General Meeting in the manner described above.

Instead of traditional proxy document, shareholders that are legal persons can use electronic authorization services of Suomi.fi. In that case the legal person authorizes a named authorised person through Suomi.fi’s services at https://www.suomi.fi/e-authorizations by using the mandate theme “Representation at the General Meeting”. In connection with the registration, General Meeting Services require strong electronic authentication after which the electronic authorization is automatically verified. Strong electronic authentication requires Finnish online banking codes or a mobile certificate. For more information, please see Suomi.fi’s e-authorization pages at https://www.suomi.fi/e-authorizations/ as well as the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2024.

4. Voting in advance

A shareholder whose shares are registered on the shareholder’s Finnish book-entry account can register and vote in advance on certain matters on the agenda of the Annual General Meeting from 11 March 2024 at 9.00 a.m. (EET) until 8 April 2024 at 4.00 p.m. (EEST) by the following means:

a)   Through the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2024            

Electronic advance voting requires strong electronic authentication of the shareholder or the shareholder’s proxy representative or legal representative with a Finnish, Swedish or Danish bank ID or mobile certificate. If shareholders that are legal persons use Suomi.fi-authorizations, registration requires the authorized person’s strong electronic authentication with Finnish online banking codes or a mobile certificate.

b)   Through mail or email

Shareholders can also submit the advance voting form available on the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2024 or corresponding information by mail to Innovatics Oy, Yhtiökokous / Marimekko Oyj, Ratamestarinkatu 13 A, 00520 Helsinki, Finland or by email to agm@innovatics.com. The advance voting form will be available on the company’s website on 11 March 2024 at the latest.

In addition to voting in advance, the shareholder must register for the Annual General Meeting prior to the end of the registration period.

A shareholder who has voted in advance cannot request information under the Finnish Companies Act or request a vote at the General Meeting or change the given votes if they or their proxy representative is not present at the General Meeting venue.

With regards to holders of nominee-registered shares, the advance voting is performed via the account management organisation. The account management organisation may vote in advance on behalf of the holders of nominee-registered shares it represents, in accordance with the voting instructions provided by them, during the registration period for holders of nominee-registered shares.

A proposal subject to advance voting is considered to have been presented unchanged at the General Meeting. The terms and other instructions concerning the electronic voting are available on the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2024.

Further information on advance voting is available during the registration period of the Annual General Meeting by calling Innovatics Oy at +358 10 2818 909 on business days from 9:00 a.m. to 12:00 noon and from 1:00 p.m. to 4:00 p.m.

5. Other instructions and information

It is possible to follow the Annual General Meeting online via webcast. Instructions on following the webcast are available on the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2024. Following the Annual General Meeting via webcast is not considered participating in the Annual General Meeting or exercising shareholder rights.

Pursuant to Chapter 5, Section 25 of the Finnish Companies Act, a shareholder who is present at the Annual General Meeting has the right to request information with respect to the matters to be considered at the Annual General Meeting.

Changes in shareholding after the record date for the Annual General Meeting do not affect the right to participate in the Annual General Meeting or the number of votes held by the shareholder.

On the date of this notice, 14 February 2024, the total number of shares and votes in Marimekko Corporation is 40,649,170. On the date of this notice, the company holds 77,790 of its own shares, which do not entitle to voting at the Annual General Meeting.

Helsinki, 14 February 2024

MARIMEKKO CORPORATION
Board of Directors

Further information:
Anna Tuominen
Tel. +358 40 584 6944
anna.tuominen@marimekko.com

DISTRIBUTION
Nasdaq Helsinki Ltd
Key media

Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. In 2023, the company's net sales totaled EUR 174 million and comparable operating profit margin was 18.4 percent. Globally, there are roughly 170 Marimekko stores, and online store serves customers in 35 countries. The key markets are Northern Europe, the Asia-Pacific region and North America. The Group employs about 470 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com

 


Marimekko Corporation, Financial Statements Bulletin, 15 February 2024 at 8.00 a.m.

FINANCIAL STATEMENTS BULLETIN OF MARIMEKKO CORPORATION, 1 Jan–31 Dec 2023: Marimekko’s net sales grew and operating profit improved further in the fourth quarter

This release is a summary of Marimekko’s financial statements bulletin for the January-December period of 2023. The complete report is attached to this release as a pdf file and it is also available on the company’s website at company.marimekko.com under Releases & publications.

The fourth quarter in brief

  • Marimekko’s net sales increased by 5 percent and totaled EUR 50.6 million (48.4). The increase in net sales was driven particularly by the growth in international sales but also by the positive development of Finnish retail sales.
  • Net sales in Finland grew by 2 percent as retail sales increased. International sales grew by 10 percent as especially wholesale sales developed favorably both in the Asia-Pacific region and North America and licensing income grew.
  • Operating profit was EUR 8.1 million (6.8) and comparable operating profit totaled EUR 8.3 million (6.9) equaling to 16.4 percent of net sales (14.3).
  • Operating profit was boosted especially by increased net sales but also improved relative sales margin. On the other hand, an increase in fixed costs had a weakening impact on operating profit.

Year 2023 in brief

  • Company’s net sales grew by 5 percent and amounted to EUR 174.1 million (166.5). Net sales were boosted in particular by increased international wholesale sales but also by the good development in Finnish retail sales.
  • Marimekko’s international sales in 2023 grew by 10 percent. Net sales in Finland increased by 1 percent.
  • Operating profit was EUR 31.4 million (30.2) and comparable operating profit totaled EUR 32.0 million (30.4) equaling to 18.4 percent of net sales (18.2).
  • Operating profit was improved especially by increased net sales. On the other hand, higher fixed costs decreased operating profit. Improved relative sales margin had a positive effect on the operating profit.

Board’s proposal for dividend

The Board of Directors will propose to the Annual General Meeting that a dividend of EUR 0.37 will be paid for 2023, with 18 April 2024 as the dividend payout record date and 25 April 2024 as the dividend payout date.

Financial guidance for 2024

The Marimekko Group's net sales for 2024 are expected to grow from the previous year (2023: EUR 174.1 million). Comparable operating profit margin is estimated to be approximately some 16–19 percent (2023: 18.4 percent). Development of consumer confidence and purchasing power, particularly in Finland, global supply chain disruptions and the general inflation development cause volatility to the outlook for 2024.

Uncertainties related to the development of net sales and result are described in more detail in the Major risks and factors of uncertainty section of the Financial Statement Bulletin.

Key figures

(EUR million)
        
10–12/
2023
10–12/
2022
Change,% 1–12/
2023
1–12/
2022
Change,
%
Net sales 50.6 48.4 5 174.1 166.5 5
International sales 20.1 18.4 10 75.2 68.3 10
% of net sales 40 38   43 41  
EBITDA 10.4 9.2 14 40.6 39.9 2
Comparable EBITDA 10.6 9.3 14 41.2 40.0 3
Operating profit 8.1 6.8 19 31.4 30.2 4
Operating profit margin, % 15.9 14.0   18.0 18.2  
Comparable operating profit 8.3 6.9 19 32.0 30.4 5
Comparable operating profit margin, % 16.4 14.3   18.4 18.2  
Result for the period 6.1 4.0 51 23.6 22.7 4
Earnings per share, EUR 0.15 0.10 51 0.58 0.56 4
Comparable earnings per share, EUR 0.15 0.10 51 0.59 0.56 6
Cash flow from operating activities 21.0 11.7 79 29.4 20.1 46
Return on capital employed (ROCE), %       33.0 31.5  
Equity ratio, %       54.1 49.2  
Net debt / EBITDA (rolling 12 months)       -0.10 0.03  
Gross investments 0.9 0.2   2.0 1.0 104
Personnel at the end of the period       468 459 2
outside Finland       83 76 9
Brand sales 1 95.9 83.7 15 376.7 382.3 -1
outside Finland 57.5 45.4 27 249.0 251.9 -1
     proportion of international sales, % 60 54   66 66  
Number of stores       167 154 8

The change percentages in the table were calculated on exact figures before the amounts were rounded to millions of euros. The figure for comparable earnings per share takes account of similar items as comparable operating profit; tax effect included. Reconciliation of alternative key figures to IFRS and management’s discretion regarding items affecting comparability are presented in the table section of the Financial Statements Bulletin.

1 Brand sales are given as an alternative non-IFRS key figure, representing the reach of the Marimekko brand through different distribution channels. An unofficial estimate of sales of Marimekko products at consumer prices, brand sales are calculated by adding together the company’s own retail net sales and the estimated retail value of Marimekko products sold by other retailers. The estimated retail value is based on the company’s realized wholesale sales and licensing income. Brand sales do not include VAT, and the key figure is not audited. Some licensees provide exact retail figures, in which case these figures are used in reporting brand sales. For other licensing agreements, Marimekko’s own retail coefficients for different markets are used.

Tiina Alahuhta-Kasko, President and CEO, in conjunction with the report:

“Marimekko’s net sales continued to grow, and our operating profit improved. International sales grew clearly. Our determined work to scale up our profitable growth will continue in 2024 in spite of the weaker general market situation.

Marimekko’s net sales for the fourth quarter increased by five percent and amounted to EUR 50.6 million (48.4). Net sales were boosted especially by international net sales, which increased by 10 percent. The growth of international net sales was driven particularly by the good development of wholesale sales in the Asia-Pacific region and North America, as well as increased licensing income. We also increased our net sales in Finland by two percent, which represents good performance in this challenging general market situation and highly tactical business environment. I want to take this opportunity to extend my warmest thanks to the entire Marimekko personnel as well as our partners around the world for their excellent work in 2023.

The good development of net sales improved our operating result, with our comparable operating profit rising by 19 percent in October–December to EUR 8.3 million (6.9), representing 16.4 percent of net sales (14.3). Operating profit was also increased by the improved relative sales margin. We systematically continued to make investments in growth in line with our strategy, which meant that our fixed costs increased as planned.

Our full-year net sales for 2023 grew by five percent and totaled EUR 174.1 million (166.5). International sales increased by 10 percent and net sales in Finland by 1 percent. Our comparable operating profit amounted to EUR 32.0 million (30.4) and represented 18.4 percent of net sales (18.2). Cash flow from operating activities also developed favorably, and Marimekko’s financial position remained strong.

In the fourth quarter, we continued to strengthen our position in the international markets, particularly in Asia and Scandinavia. In Malaysia, which is one of Marimekko’s three new markets entered in 2023 and operated by loose-franchise partners, two new Marimekko stores were opened in Kuala Lumpur. In Copenhagen, we opened a flagship store that represents our newest, dynamic store concept. A total of 19 new Marimekko stores or shop-in-shops were opened during the year, with 17 of them in Asia. We also completely redesigned our Stockholm flagship store in 2023. In addition to permanent retail locations, visibility to our brand was brought by 11 pop-up stores during the year, with one in Seoul and another in Hong Kong in the fourth quarter. Limited-edition brand collaboration collections with leading brands in their respective industries, such as with adidas and IKEA in 2023, also play an important role in increasing Marimekko’s international brand awareness.

During the strategy period of 2023–2027, Marimekko is focusing on scaling up its business and growth especially in the international markets. The growth of international net sales, the development of the store network, new digital sales channels and interesting collaborations are concrete proof of the progress of our strategy in 2023. In 2024, we are celebrating the 60th anniversary of our most renowned print design, Unikko, designed by Maija Isola. Unikko will appear in, for example, special collections and various events around the world during the year. This will provide us with excellent opportunities to continue our determined efforts to introduce new audiences to Marimekko, deepen our relationship with the Marimekko community, and scale up our profitable growth despite the market situation.”

Market outlook and growth targets for 2024

The uncertainties related to the development of the global economy, such as geopolitical tensions and their impact on the general economic situation and general cost inflation influence consumer confidence, purchasing power and behavior and, as a result, can have an impact on Marimekko’s business in 2024, especially in the important domestic market of Finland. Different exceptional situations, such as Russia’s war in Ukraine and shipping disruptions on the Red Sea, may cause even significant disruptions in production and logistics chains, and may thus have a negative impact on the company’s sales, profitability and cash flow.

Finland, Marimekko’s important domestic market, traditionally represents about half of the company’s net sales. Sales in Finland in 2024 are impacted by the weak general economy and low consumer confidence as well as the development of purchasing power and behavior. The tactical operating environment also has an impact on the business. In addition, the size and timing of non-recurring promotional deliveries in wholesale create volatility to Finnish sales estimate. Despite the weak market situation, net sales in Finland are expected to be approximately at the level of the previous year.

International sales are estimated to grow in 2024. In the strategy period 2023–2027, Marimekko will focus on Asia as the most important geographical area for international growth. In 2024, net sales in the Asia-Pacific region, Marimekko’s second-largest market, are expected to increase. Japan is clearly the most significant country in this region to Marimekko and already has a very comprehensive network of Marimekko stores. All brick-and-mortar Marimekko stores and most online stores in Asia are partner-owned. In 2024, the aim is to open approximately 10–15 new Marimekko stores and shop-in-shops, and most of the planned openings will be in Asia.

Because of the seasonal nature of Marimekko’s business, the major portion of the company’s euro-denominated net sales and operating result are traditionally generated during the second half of the year. In 2024, Marimekko’s net sales are expected to grow. Net sales in the first quarter of the year are estimated to be approximately at the level of the previous year, as wholesale sales, for example, will be partly impacted by some of the wholesale deliveries in Finland in the first quarter of 2024 being transferred to the fourth quarter of 2023.

Licensing income in 2024 is forecasted to be approximately at the previous year’s record level.

Marimekko develops its business with a long-term view and aims to scale its profitable growth in the upcoming years. In 2024, fixed costs are expected to be up on the previous year. The general cost inflation continues to affect Marimekko in 2024. Personnel expenses are impacted, for example, by general pay increases in different markets. In 2024, Marimekko is celebrating the 60th anniversary of the Unikko pattern, which provides the company with a unique opportunity to grow international awareness through, for example, various events around the world. Marketing expenses are expected to increase (2023: EUR 9.5 million).

Early commitments to product orders from supplier partners, typical of the industry but partly further emphasized by the exceptional situations, undermine the company’s ability to optimize product orders and respond to rapid changes in demand and consumer behavior, which also increases risks related to inventory management and relative profitability. The domestic non-recurring wholesale promotional deliveries also raise inventory risks. Marimekko works actively to ensure functioning production and logistics chains, to avoid delays, to mitigate the negative impacts of generally increased costs, and to enhance inventory management.

Marimekko is closely monitoring the general economic situation, the development of consumer confidence and purchasing power and the impacts of different exceptional situations, and the company will adjust its operations and plans according to the circumstances.

Media and investor conference

A conference for media and institutional investors will be held in English on 15 February 2024 at 2.00 p.m. EET. A live webcast of the conference can be followed at https://marimekko.videosync.fi/q4-2023, and a recording of the webcast will be available at the same address later. Questions can be asked during the live webcast in writing.

Further information:

Tiina Alahuhta-Kasko, President and CEO, tel. +358 9 758 71
Elina Anckar, CFO, tel. +358 9 758 7261

MARIMEKKO CORPORATION
Corporate Communications

Anna Tuominen
Tel. +358 40 5846944
anna.tuominen@marimekko.com

DISTRIBUTION:
Nasdaq Helsinki Ltd
Key media

Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. In 2023, the company's net sales totaled EUR 174 million and comparable operating profit margin was 18.4 percent. Globally, there are roughly 170 Marimekko stores, and online store serves customers in 35 countries. The key markets are Northern Europe, the Asia-Pacific region and North America. The Group employs about 470 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com

 

Attachment


Marimekko Corporation, Stock Exchange Release, 15 February 2024 at 7.55 a.m.

Change in Marimekko’s financial reporting dates in 2024

Marimekko Corporation changes the publication date of its Interim Report for January–September 2024. The new publishing date is Wednesday 6 November 2024.

In 2024, Marimekko Corporation will publish financial information as follows:

  • Financial Statement Bulletin 2023 on Thursday 15 February 2024 at 8.00 a.m.
  • Interim Report 1 January–31 March 2024 on Wednesday 15 May 2024 at 8.00 a.m.
  • Half-year Financial Report 1 January–30 June 2024 on Thursday 15 August 2024 at 8.00 a.m.
  • Interim Report 1 January–30 September 2024 on Wednesday 6 November 2024 at 8.00 a.m.

Marimekko observes a silent period of 30 days prior to publishing of financial information.

The company’s Financial Statements and the Report of the Board of Directors 2023 will be published in week 12, at the latest.

Marimekko’s Annual General Meeting will be held on Tuesday 16 April 2024 at 2 p.m. An announcement on the resolutions of the Annual General Meeting will be released after the meeting.

MARIMEKKO CORPORATION
Corporate Communications

Anna Tuominen
Tel. +358 40 5846944
anna.tuominen@marimekko.com

DISTRIBUTION:
Nasdaq Helsinki Ltd
Key media

Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. In 2022, the company's net sales were EUR 167 million and comparable operating profit totaled EUR 30.4 million. Globally, there are roughly 150 Marimekko stores, and online store serves customers in 35 countries. The key markets are Northern Europe, the Asia-Pacific region and North America. The Group employs about 460 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com 


Shareholders Date % of Shares % of Votes
PowerBank Ventures Ltd (Mika Ihamuotila) 31.01.2024 12.5% 12.5%
Varma Mutual Pension Insurance Company 31.01.2024 4.8% 4.8%
Ilmarinen Mutual Pension Insurance Company 31.01.2024 4.7% 4.7%
Ehrnrooth Anna Sophia 31.01.2024 4.1% 4.1%
Evli Finnish Small Cap Fund 31.01.2024 2.6% 2.6%
Nordea Nordic Small Cap Fund 31.01.2024 2.5% 2.5%
Oy Etra Invest Ab 31.01.2024 1.2% 1.2%
Oy Talcom Ab 31.01.2024 1.2% 1.2%
Elo Mutual Pension Insurance Company 31.01.2024 1.2% 1.2%
Alahuhta Matti 31.01.2024 1.1% 1.1%

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Company Facts

CEO Tiina Alahuhta-Kasko
CFO Elina Anckar
IR Anna Tuominen
Market cap (EURm) 537
Industry Consumer Durables
Ticker MEKKO

Guidance

2023 revenue is expected to be higher than in the previous year. Adj. EBIT margin is expected to be between 16-19%.

Financial targets

Annual growth in net sales 15 percent and operating profit margin (EBIT) of 20 percent. Ratio of net debt to EBITDA at year end maximum of 2. A yearly dividend, at least 50% of net result.

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