Marimekko's sales increase by 5 percent in 2023

The Marimekko Group’s net sales in 2023 grew by 5 percent to 174,105 thousand euros boosted by the growth of international wholesale sales and good development in Finnish retail sales.

In total, international sales grew by 10 percent and net sales in Finland by 1 percent to 98,914 thousand euros.

“Marimekko’s profitable growth continued in 2023. During the latter part of 2023, Marimekko expanded into three new markets: Singapore, Malaysia and Vietnam. We will decisively continue to build Marimekko’s future by challenging the fashion and design industry with empowering optimism, the art of printmaking and timeless design,” said Tiina Alahuhta-Kasko, president and chief executive of Marimekko.

Review of Marimekko’s full year results

Marimekko’s omnichannel retail sales grew globally by 3 percent with nearly all market areas contributing to growth. Wholesale sales increased in the Asia-Pacific region, North America and Scandinavia and, in total, the Group’s wholesale sales grew globally by 6 percent.

The company said in a statement that despite the challenging macro-economic environment, retail sales increased by 3 percent, while changes in the Finnish store network affected the comparable retail sales, which decreased by 1 percent. In spite of a strong third quarter, the cumulative wholesale sales in Finland were 4 percent lower than in the comparable year as a result of weakened general consumer demand.

Net sales in the Asia-Pacific region increased by 17 percent to 35,415 thousand euros driven by increased wholesale sales, the opening of new markets and increased licensing income. Wholesale sales increased by 15 percent in Asia-Pacific and 5 percent in Japan. Retail sales in the Asia-Pacific region increased by 2 percent.

Marimekko’s comparable operating profit grew by 5 percent and totaled 32 euros due to increased net sales.

Marimekko’s aims to expand global footprint

The company plans annual growth in net sales of 15 percent, comparable operating profit margin of 20 percent and percentage of earnings per share allocated to provide dividends of at least 50 percent.

During the strategy period 2023–2027, the company added that the focus would be on scaling the Marimekko business and growth especially in international markets.

“The growth of international net sales, three new markets, 19 new stores and new digital sales channels as well as interesting collaborations are concrete proof of the progress of our strategy in 2023,” the company said.

The company’s board of directors has proposed a dividend of 0.37 euros per share will be paid for 2023.