History

Tokmanni has roots in many parts of Finland

Vapaa Valinta, established by Juha and Paula Malminen in Pirkkala in 1974, is the oldest variety discount retail chain transferred to Tokmanni’s ownership. In 1978, Pirkko and Hannu Vuokila founded the Säästökuoppa chain in Oulu. One year later, the first Maxi-Makasiini store, established by Seppo and Paavo Saastamoinen, was opened in Kajaani.

In the 1980s, discount stores emerged rapidly all around Finland: Arja and Kari Hautanen established Tarjoustalo in Hyvinkää in 1980, Timo and Tapio Halme opened Säästöpörssi in Karjaa in 1985, while Seppo and Jukka Saastamoinen founded Robinhood in Kouvola in 1988. Okman Oy, which later became Tokmanni, was established by Kyösti and Kari Kakkonen in eastern Finland in 1989.

The recession of the early 1990s had a dramatic effect on the retail sector, and many Finnish store chains went bankrupt. However, it left the discount stores even stronger, as customers increasingly began to love low prices. Thus, demand grew for a national chain of discount stores that could offer even more advantageous prices, as well as a wide and attractive product selection.

Tokmanni grows into a Nordic variety retail group

In the early 2000s, Kyösti and Kari Kakkonen’s Tokmanni decided to expand and grow into a nationwide chain of variety discount retail stores. Its ownership structure changed, with the CapMan private equity investment company becoming Tokmanni’s majority owner with a 60.6% holding, while the remaining 39.4% was held by Joensuun Kauppa ja Kone Oy, a company owned by Kyösti and Kari Kakkonen.

This arrangement enabled strong growth, and was soon followed by mergers of various discount stores with Tokmanni. In October 2004, 35 Vapaa Valinta stores were integrated with Tokmanni. The most significant acquisitions were made in 2005 and 2006: Tokmanni acquired 33 discount stores from the Tarjoustalo, Maxi-Makasiini and Maxi-Kodintukku chains and 12 stores from the Robinhood chain. In conjunction with this, the Seppo Saastamoinen family became shareholders in Tokmanni (24%), together with a CapMan fund (51%), the Kakkonen brothers (24%) and Tokmanni’s operating management (close to 2%).

Tokmanni’s strong growth continued after the ownership rearrangements. In 2005, Tokmanni acquired Milleri, a family business started by Pekka and Ritva Kouvo in Kylmäkoski. In 2007, the Tokmanni Group acquired 10 Säästöpörssi stores from Tapio and Timo Halme.

Then, more than a decade passed without any acquisitions until Tokmanni bought nine stores from the Ale-Makasiini chain of discount stores in autumn 2018. In January 2019, Tokmanni expanded its network in northern Finland by acquiring four stores: a Centtilä store in Keminmaa, a Säästökuoppa store in Sodankylä and two TEX stores in Kemijärvi and Rovaniemi. In early 2020, Tokmanni acquired the business of the Perhemarket Pertti Heikkinen Ky store in Pudasjärvi. The acquired business in Pudasjärvi transferred to the ownership of Tokmanni on 1 April 2020. Later, in 2021, Tokmanni acquired the business operations of the stores in the TEX chain in Tornio and Kemi. The acquired business in Tornio and Kemi transferred to the ownership of Tokmanni on 1 August 2021.

In February of 2021, Tokmanni reported it had reached a significant milestone when its revenue for 2020 exceeded one billion euro threshold for the first time in the company's history.

In early 2022, Tokmanni launched its lifestyle brand Miny, and opened its first dedicated Miny stores and Miny shop-in-in-shops departments in selected Tokmanni stores.

In November 2022, Tokmanni acquired the business operations of Jyskän Varastomyymälä Oy in Jyskä, Jyväskylä. The business operations of Jyskän Varastomyymälä Oy were taken over by Tokmanni as of 1 January 2023.

In February 2023, Tokmanni concluded an agreement on acquiring the entise share capital of the Finnish footwear store chains Click Shoes Oy and Shoe House Oy. In early 2023, the two companies had a total of 29 stores across Finland and an online store. Ownership of Click Shoes Oy and Shoe House Oy transferred to Tokmanni on 1 March 2023.

In August 2023, Tokmanni Group closed the acquisition of Dollarstore, one of the leading Swedish discount retailers. At that time, Dollarstore had 130 Dollarstore stores in Sweden and two Big Dollar stores in Denmark.

In November 2023, Tokmanni's new Moreeni logistics centre was completed near the current Administration and Logistics Centre in Mäntsälä, Finland. Together these buildings form an important administration and logistics complex of around 130,000 gross square metres for Tokmanni Group.

In addition to growing through acquisitions, Tokmanni has continued to open new stores in suitable commercial locations.

In 2023, Tokmanni Group's revenue was EUR 1,393 million and comparable EBIT amounted to EUR 99 million.

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In the mid-2000s, Tokmanni decided to centralise its administrative and logistics operations in one location. The previous decentralised structure, embracing multiple locations, no longer adequately served the business operations of the rapidly growing company. In 2008, the Tokmanni Group moved to its new administrative and logistics centre in Mäntsälä, a location with excellent transport connections.

Tokmanni’s strong growth was attracting interest among investors in the capital market. CapMan, the Kakkonen brothers’ Joensuun Kauppa ja Kone Oy, and the Seppo Saastamoinen family’s company, Suomen RH-yhtiö, all sold their shares to a fund established by Nordic Capital, a Swedish private equity investor, in 2012.

Suomen RH-yhtiö, now known as Takoa Invest Oy, made a new investment in a consortium created by Nordic Capital and continues to be Tokmanni’s largest shareholder.

The new owners made major changes, in one of which the Tokmanni Group’s five store brands were combined under the Tokmanni brand. Tokmanni also launched its online store. Purchasing was made more efficient by establishing a joint sourcing company with Norway’s Europris ASA in China.

One the most important milestones has been the listing of the Tokmanni share on the Nasdaq Helsinki in 2016.

At the end of June 2024, Tokmanni Group had 377 stores: 201 Tokmanni stores,131 Dollarstore stores, five Big Dollar stores, 31 Click Shoes stores, two Shoe House stores, and six dedicated Miny stores. Tokmanni, Click Shoes, Shoe House and Miny served their customers in Finland, Dollarstore in Sweden and Big Dollar in Denmark. Tokmanni Group's operations were supported by Tokmanni online store and Click Shoes online store.

Even though Tokmanni Group has grown strongly and reinvented itself in many ways over the years, the basic idea behind its operations has remained disarmingly simple. Attractive prices and an extensive and interesting product selection continue to attract customers.

Tokmanni's history in brief

• 1974 Vapaa Valinta is established in Pirkkala.
• 1978 Säästökuoppa is founded in Oulu.
• 1979 Maxi-Makasiini is established in Kajaani.
• 1980 Tarjoustalo is founded in Hyvinkää.
• 1985 Säästöpörssi is established in Karjaa.
• 1988 Robinhood is founded in Kouvola.
• 1989 Tokmanni is established.
• 1995 Milleri is founded in Kylmäkoski. Six Kauppavirrat stores are transferred to Tokmanni’s ownership.
• 1999 Maxi-Kodintukku is established.
• 2004 The Vapaa Valinta stores are integrated with Tokmanni. CapMan becomes Tokmanni’s majority shareholder.
• 2005 The Robinhood and Tarjousmaxi stores are integrated with Tokmanni.
• 2006 The Milleri store in Kylmäkoski and the Säästökuoppa stores are integrated with Tokmanni.
• 2006 The Tokmanni Group is established. Tokmanni acquires a Milleri store and four Säästökuoppa stores.
• 2007 The Säästöpörssi stores are integrated with the Tokmanni Group.
• 2008 The Mäntsälä logistics centre is opened.
• 2009 Pick-Import Oy, an importing company, is registered as part of the Tokmanni Group. Kyösti Kakkonen resigns as the CEO of Tokmanni and joins its Board of Directors. Heikki Väänänen takes over as CEO of Tokmanni.
• 2011 Tokmanni opens its online store.
• 2012 A consortium created by Nordic Capital acquires the entire share capital of Tokmanni. The shares were sold by a CapMan fund, Kari and Kyösti Kakkonen’s Joensuun Kauppa ja Kone Oy and the Saastamoinen family’s Suomen RH-yhtiö (now known as Takoa Invest Oy). The Saastamoinens invest 10% in the new Tokmanni entity created by Nordic Capital. Nordic Capital holds 85%, and the operating management hold 5%. 
• 2013 Cooperation on sourcing with Europris begins in Shanghai.
• 2015 All stores have been renewed under the Tokmanni brand.
• 2016 Tokmanni is listed on the stock exchange.
• 2017 Harri Sivula, (then) Chairman of the Board, is appointed as Tokmanni’s interim CEO.
• 2018 Mika Rautiainen becomes the CEO of Tokmanni. Tokmanni acquires the Ale-Makasiini chain of nine stores.
• 2019 Tokmanni acquires a Centtilä store, a Säästökuoppa store and two TEX stores.
• 2020 Tokmanni acquires the business of the Perhemarket Pertti Heikkinen Ky store.
• 2021 Tokmanni reports its full-year revenue for 2020 exceeded the one billion euro revenue threshold for the first time in the company's history. In addition, Tokmanni acquires TEX chain stores in Tornio and Kemi. Tokmanni's revenue grows to EUR 1,142 million and comparable EBIT amounts to EUR 106 million.
• 2022 Tokmanni acquires the business of Jyskän Varastomyymälä Oy in Jyskä, Jyväskylä. The business operations of the store that has been known as Jyskän Varastomyymälä transfers to Tokmanni's ownership on 1 January 2023. In addition, in early 2022, Tokmanni launches Miny, its lifestylebrand, and opens four dedicated Miny stores as well as 20 Miny shop-in-shop departments. 
• 2023 In early 2023, Tokmanni acquires the entire share capital of the Finnish footwear store chains Click Shoes Oy and Shoe House Oy. Ownership of the companies transfers to Tokmanni on 1 March. In addition, in spring, Tokmanni acquires Catmandoo, the familiar Finnish clothing brand. In August, Tokmanni Group closes the acquisition of Dollarstore, which has been described as one of the leading Swedish discounts retailers. At that time, Dollarstore had 130 Dollastore stores and two Big Dollar stores. In November, Tokmanni's new Moreeni logistics centre is completed in Mäntsälä, Finland.