On May 16th, Finnish fashion brand Marimekko released key financial data for the first quarter of the fiscal year 2023. Net sales declined by 2% year-on-year to €35.3 million due to weak consumer demand in Finland and a downturn in the wholesale channel performance in the EMEA (Europe, Middle East, and Africa) region caused by a decrease in licensing income. Operating profit also dropped by 43% to €3.8 million, primarily due to a significant decline (-71%) in licensing income and increased fixed costs.
Marimekko’s President and CEO, Tiina Alahuhta-Kasko, stated, “In the fi …
