Finnish retailer Kesko and pharmaceutical company Oriola-KD have announced the launch of a joint-venture chain of health, beauty and well-being stores across the country.
Focusing on overall well-being, once the venture is approved, the initial goal is to build 100 physical stores and an online platform, with the first outlet opening in autumn 2017.
Its target is to be the leading operator in the Finnish pharmacy market, at a competitive price.
Eventually, the business will expand to include pharmaceuticals. Kesko said that the new chain is also expected to create up to 1,000 new jobs.
The introductory total capital expenditure of the joint venture will be roughly €25 million. The company aims to open 15 stores by the end of the year.
Kesko's president and CEO, Mikko Helander, commented, "Together, we [will] start building a leading health, beauty and well-being chain in which Finnish people trust.
"Our plan is, as legislation permits, to expand the business into selling pharmaceuticals, without compromising on medical safety, and emphasising service and expertise."
Competition-authority approval is expected in the third quarter of 2017.
Oriola-KD has 2,821 employees and 325 pharmacies in Sweden and Latvia. It also owns Kronans Apotek, the third-largest pharmacy chain in Sweden.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Karen Henderson. Click subscribe to sign up to ESM: The European Supermarket Magazine.
