Lindex Group plc as an Investment
Lindex Group plc is a listed international multichannel retail group. It had 42 328 shareholders and 5 801 employees at the end of December 2023. Lindex Group consists of two business divisions: the Lindex fashion group and Stockmann department stores, and their webstores. Lindex division’s share of the revenue is 67% and Stockmann division’s 33%.
| 2023 | 2022 | |
| Revenue | EUR 951.7 mill. | EUR 981.7 mill. |
| Adjusted operating result (EBIT) | EUR 80.0 mill. | EUR 79.8 mill. |
Lindex division briefly
Lindex’s purpose is to empower and inspire women everywhere. Lindex’ customers, co-workers and partners are all part of this ambition. Lindex is powered by people and it embraces digitalisation. The company promises customers fashion that feels and looks good.
- To fulfil its purpose and vision, Lindex has made a promise – to make a difference for future generations. The purpose includes all dimensions of sustainability and it is divided into three areas: empower women, respect the planet and ensure human rights.
- According to Lindex’s long-term strategy, the company aims to be a global, brand-led, sustainable fashion company. This means growth in digital revenue, both in own e-commerce as well as in collaborations with global digital platforms, improved cost efficiency, and growth with new businesses, while meeting our sustainability targets.
- The new omnichannel warehouse is the largest investment in Lindex’s history and a crucial step in fulfilling the company’s long-term growth plans. It is also crucial for securing the future of the logistics operations and strengthening the competitive advantage. It will manage the supply of goods to all the fashion company’s stores and the strongly growing e-commerce as well as the company’s third-party collaborations with global fashion platforms. With the new facility, Lindex will initially be able to quadruple its e-commerce capacity and ensure a scalable and sustainable logistics solution for all sales channels. The initial e-commerce capacity will be approximately 13 000 picked and packed garments per production hour. The highly automated and climate-smart facility will be approximately 40 000 square metres in size and is planned to start operation in 2024.
stockmann division briefly
Stockmann’s purpose in all encounters with its customers, partners, employees and other stakeholders is to make a new impression, every day. Stockmann’s vision is to create a marketplace for a good life.
- Customer centricity, i.e. the ability to understand customers, to serve them in the way they choose and to provide a unique customer experience, is the core of the strategy.
- Stockmann provides a curated merchandise selection in fashion, beauty, home and food, combined with various services for its customers, in eight department stores as well as in the online store.
- The Stockmann promise to customers is to create a feeling that lasts, provided by professional and service-minded personnel.
Stockmann’s financial priorities for the strategy period are revenue growth and the improvement of profitability as well as return on investments.
Sustainability is at the core of the Lindex Group’s business
The Lindex Group signed the Science Based Targets initiative (SBTi) to set targets for reducing its carbon dioxide emissions in line with the Paris Agreement. Through the SBTi commitment, Lindex Group will enhance its climate action and further develop a low-carbon roadmap to cut emissions and reduce climate risks. Lindex Group will determine its science-based climate targets in accordance with the schedule of the initiative.
Lindex division’s sustainability promise is based on the brand’s vision – to empower and inspire women everywhere. It is divided into three focus areas. Read more about Lindex’s sustainability work (the link will open in the same window).
Stockmann division’s sustainability promise is in line with the customer-centric business strategy. It is based on the materiality assessment and Stockmann’s CSR strategy 2022–2025, which will guide Stockmann towards more resource-wise retail business. The strategic sustainability priorities are grouped under three priority areas that determine the future of the divisions’s responsibility work. Read more about Stockmann’s sustainability work (the link will open in the same window).
Restructuring proceeding according to plan
Lindex Group has been systematically implementing the restructuring programme which was approved in February 2021. The restructuring programme is based on the continuation of Stockmann’s department store operations, the sale and lease-back of the department store properties located in Helsinki, Tallinn and Riga, and the continuation of Lindex’s business operations as a fixed part of the Stockmann Group.
The Group has limited capacity to arrange new financing. The restructuring programme cannot be terminated before all disputed demands have been settled.
The restructuring process is proceeding according to plan. The department store property in Tallinn was sold in December 2021, and the agreement for the sale of the Riga department store property was signed in December 2021 with closure in January 2022. The department store property in Helsinki city centre was sold in April 2022, and the last classified restructuring debt was also paid.
Corporate restructuring
Stockmann plc’s file for corporate restructuring was handed in to the District Court of Helsinki on 6 April 2020.
By a decision on 9 Febrary 2021, the Helsinki District Court has approved Stockmann plc’s restructuring programme, and the restructuring proceedings have ended. Attorney Jyrki Tähtinen was appointed supervisor of the restructuring programme. The restructuring programme is based on the continuation of Stockmann’s department store operations, the sale and lease-back of the department store properties located in Helsinki, Tallinn and Riga and the continuation of Lindex’s business operations as a fixed part of the Stockmann Group.
Stock exchange releases and documents published in connection with the corporate restructuring proceedings
6.4.2020 Stockmann plc has decided to file for corporate restructuring
9.4.2020 Stockmann plc EUR 250,000,000 Senior Secured Fixed Rate Notes – Event of Default
11.6.2020 District Court Resolution (in Finnish)
17.8.2020 Report related to corporate restructuring proceedings of Stockmann (in Finnish)
10.11.2020 Payment of small restructuring debts
14.12.2020 Webcast in Finnish at 10:30
14.12.2020 Proposal for Stockmann plc’s restructuring programme (in Finnish)
1.4.2021 Release for unsecured creditors and hybrid bondholders of Stockmann plc
30.4.2021 Info Letter re special vehicle fund 30 April 2021 (15502070.1)
30.4.2021 Notification Stockmann unsecured creditors – 30 April 2021 (15502187.1)
30.4.2021 North Wall Capital – Invitation (15502078.1)
13.5.2021 North Wall Capital – Stockmann Unsecured Purchase Offer Extension
17.5.2021 Helsinki District Court’s decision in the matter 20-16712 (in Finnish)
2.6.2021 NWC – Stockmann Hybrid Purchase Offer Announcement
2.6.2021 NWC – Stockmann Unsecured Purchase Offer Second Extension
4.10.2021 Reduction of Stockmann plc’s share capital / public notice to creditors
29.12.2021 Stockmann sold its department store properties in Tallinn and Riga
21.3.2022 Stockmann sold its department store property in Helsinki city centre
23.3.2022 Directed share issue of new shares
24.3.2022 Registration of the new shares
22.7.2022 New shares of Stockmann registered with the Finnish Trade Register
22.6.2023 New shares of Stockmann registered with the Finnish Trade Register
26.1.2024 New shares of Stockmann registered with the Finnish Trade Register
Financial statements and interim reports
For more information on the Stockmann Group’s activities, please refer to the reports and publications we have compiled on a specific subpage. Open the summary page below.
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