• H1 net profit up 75% to EUR1.4m (US$1.8m)
  • Sales down 1.6% to EUR31.8m
  • Announces expansion in US, Europe and Asia

Textile and design company Marimekko is aiming to expand its international presence in markets including the US, Europe and Asia.

The unveiling of the plans came as the Finnish company announced a 75% rise in first half net profit, despite a slight fall in revenues caused by promotional activity in its home market of Finland.

Marimekko is to found a new US subsidiary in collaboration with brand management company C2Group, opening a showroom in Manhattan in August and a shop-in-shop at Crate and Barrel in Soho, New York, in October.

In the long term, the company said, its aim is to expand distribution through high-end department and speciality stores, as well as through its own retail outlets.

Marimekko is also to open new stores in Malmö, Sweden, and Berlin, Germany, by the end of 2010, adding to its existing retail portfolio of outlets in London, Stockholm and Frankfurt, plus its 22 stores in Finland.

South Korea’s first Marimekko concept store is due to open in Seoul in October this year by ID Look, a subsidiary of Japanese distributor Look.

“The effect of these investments is reflected in the second quarter results, and they will continue to have an impact on the group’s earnings for the remainder of the year,” said president and CEO Mika Ihamoutila.