Innovestor’s portfolio company Makia Clothing Oy has merged with well-known Finnish brands Finlayson Oy, Vallila Oy and 20% of Sasta Oy to create a new joint parent company Manna & Co. Innovestor Ventures sold the majority of their shares in Makia but remains as a minority shareholder in the new Manna & Co.
Manna & Co is a new brand company bringing together the best, beloved, respected and well-established Finnish fashion brands in the industry. Each company will however continue to operate independently and with their own brand names.
This arrangement enables the brands to accelerate their growth and development in the future with a completely renewed strength. In practice, this means synergies in, for example, product design, specific steps in the international expansion of the brands, and the creation of new types of distribution channel models in cooperation with partners.
The Manna & Co groups turnover is circa 90 million euros with operating profits at 14%, employing all together 350 people.
“This is an exciting step forward in Makia’s journey and we are proud to have had a part in creating something new which has not been done at this scale in the Finnish fashion brand industry before. Since our initial investment made back in 2013, it has been great following and supporting the company and seeing it become a well-known and loved Finnish brand” commented Innovestor Ventures partner and Makia Clothing board member Janne Juhola.
Each brand joining Manna & Co all have strong roots in Finland and a place in the daily lives of Finns. Finlayson was founded in 1820 and is one of the best-known textile companies in Finland. Vallila Interior Oy is a family company in the interior design and textile industry known for its quality and selection. The company was founded by the Swiss Otto Berner in the Vallila district of Helsinki in 1935. Makia emerged from the Helsinki harbour landscape as a pioneer in the clothing industry. It is a brand urban consumers have embraced over the past two decades. Since the 1960s, Sasta has been making reliable hunting and camping clothes.
”Change is an opportunity, but it’s important to be prepared. The corona pandemic has only accelerated the disruption of consumer expectations and distribution channels. Growth and business viability pile up in this sort of environment, making itessential for small players to join forces” said Makia Clothing Oy CCO Totti Nyberg.
In the Media
Read the press release here (in finnish)
image credit: Yle