Republic of Finland is currently celebrating her 100 years of independence. Before her independence Finland was for 100 years under the rule of Imperial Russia and over 600 years under the rule the rule of Kingdom of Sweden. Russia and Sweden are countries are globally known of their long traditions in the luxury industry.
Russia is one of the largest luxury markets in the world. But what about Finland?Finland has a long history and she has always been in the middle of world affairs. In that sense Finland is not a young country. Therefore, Finland has its long traditions in the luxury industry, which have been shaped by Swedish and Russian cultures. Nokia founded Vertu, a luxury mobile phone manufacturer, which operated in the United Kingdom. Finland has long traditions in the jewellery industry because jewel smiths worker for Faberge in St. Petersburg and Alexander Tillander, a jewellery brand, was founded in St. Petersburg in 1860. Department store Stockmann was founded in 1862, which makes it one of the oldest department stores in Europe. Finland is also one of the leading luxury cruise ship manufacturers. There are signals that Finland’s luxury industry is rising again because new brands have been founded and global luxury brands are also interested of Finland. Louis Vuitton opened its store in Helsinki in 2008 and other brands might follow.
Finland has an extremely good geopolitical location. Finland is a part of the West by being a member of The European Union and the eurozone but Finland is also close to Russian and Chinese luxury consumers. A new Allegro railway connection between Helsinki and St. Petersburg takes just over three hours. Hence, Finland is connected to a very large market. Finland has 5.4 million citizens, which makes Finland a quite small country but Greater Helsinki has 1.4 million people, which makes the market size lucrative for international luxury brands. Helsinki is also the most international city in Finland and it is popular amongst tourists, hence, potential luxury buyers. Helsinki is has raised attention among investors, entrepreneurs and skilled professionals.
Finland has a very low country risk. Finland is one of the most secure countries in the world, which has high living standards. The country is one of the top innovation countries, which is a result of her high-end education system. Helsinki is also one of the best cities to live in world rankings. It is not a wonder that some Russian oligarchs have decided to live in Finland. Finland has a wide range of industries, which have some market potential. Therefore, luxury brands should keep an eye on Finland, which is raising international business interest around the globe.
- Real estates
- Personal goods
- Wine and spirits