Department stores Stockmann will retain its name in Russia

Moscow. June 30. INTERFAX.RU – JSC “Stockmann”, which is owned by Reviva Holdings Limited, has extended the licensing agreement with the brand owner, the Finnish company Stockmann plc, said the Russian company. Stockmann received the right to use the brand Stockmann until 2023. Previously signed the agreement expires at the end of 2018.

Thus, the new agreement will allow the company to operate a network of Stockmann Department stores in Russia over the next seven years. Department stores represented in Moscow, Saint-Petersburg and Yekaterinburg.

By the end of this year, the company plans to open another store in Moscow next year – Department stores in Kazan and Krasnodar. “By 2023, the company expects even stronger foothold in the segment of retail sales by expanding the number of Department stores, is presented in different cities of the country”, – stated in the message.

“We see huge potential of development of market of Department stores in Russia. Stockmann has a strong competitive advantage, and we believe that the brand is a great opportunity for further development in this country”, – said the Chairman of the Board of Directors of JSC “Stockmann” Yakov Panchenko, cited in the message. “We have big plans to expand in the Russian market, and I’m glad they will be implemented under the Stockmann brand”, – he said.

In Russia, Stockmann brand presents more than 25 years since 1989. At the moment JSC “Stockmann”, which is owned by Reviva Holdings Limited, operates seven Department stores in the country, five of which are located in Moscow and two in St. Petersburg and Yekaterinburg.

In February 2016 the Finnish Stockmann has closed a deal for the sale of Russian Department stores company Reviva Holdings Limited, which develops in Russia a network of Department stores Debenhams.