Marimekko, the renowned Finnish lifestyle design company, recently announced its financial results for the second quarter of fiscal 2020. The company encountered a significant setback with a 20% decrease in net sales, amounting to €23.3 million. The decline was primarily attributed to reduced retail sales in key markets such as Finland, North America, and Scandinavia, in addition to a dip in wholesale sales in the Asia-Pacific region. These challenges were exacerbated by the global impact of the ongoing coronavirus pandemic, leading to the closure of Marimekko stores worldwide.
In particular, sales in Finland experienced a notable 32% decrease, while international sales only saw a modest 3% decline, totaling €11.9 million. Despite the tough market conditions, Marimekko managed to maintain an operating profit of €2.7 million during the second quarter of the fiscal year. President and CEO Tiina Alahuhta-Kasko commended the company’s quick response to the crisis by shifting sales and marketing efforts online when physical stores had to be temporarily closed. This swift adaptation, coupled with a new logistics partner, enabled Marimekko to effectively navigate the shifting retail landscape.
Alahuhta-Kasko acknowledged the unprecedented challenges faced in the first half of 2020 and highlighted the importance of leveraging these experiences to develop resilience and operational agility. By preparing for potential future crises and staying attuned to changing consumer behaviors, Marimekko aims to emerge stronger from these challenging times. Despite the decline in sales, the company remains committed to its core values of innovation and adaptability in the face of adversity.
For more information on Marimekko’s latest financial results, visit their official website here. To explore their unique lifestyle design products, browse their online store here.
