Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exited Exit Completed
Stockmann plc is a Finnish retailer established in 1862. Stockmann's eight company-owned department stores are in Finland, Estonia, and Latvia. There are an additional nine Stockmann-branded department stores in Russia owned and operated by Reviva Holdings, with a license to use the Stockmann name until 2023.
Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exited Exit CompletedThe company has not been operating in Russia since 2015. All business in Russia has been stopped following the Crimea annexation but the deal was finalized in the beginning of 2022. In 2015, Stockmann agreed to sell its Russian operations to Reviva Holdings, which still owns the company. Now the company has 12 representative offices, mainly in Moscow and St. Petersburg. The CEO of Stockmann Russia announced opening of 16 new stores across the country in 2023.
The brand name was sold to Russian investors and the current operations have nothing to do with the Finnish company.