Listeds met Joel Huttunen, who has been responsible for successful Nordic brands in both B2B and B2C contexts throughout his career. Based in Denmark, he shares his insights on what Finnish companies can learn about brand building and marketing. “If you want a brand to perform, the first question is whether the organization is truly committed to building it and being brave internally. Brand has to become a leadership tool – and one that leaders actually use.”

Brand is too often seen as a communicative fluffy layer – a surface added to help companies face their customers. That way of thinking is misguided. In reality, a brand should be understood as a business lever and growth driver, a tool that supports leadership and decision-making. This is how Joel Huttunen puts it. Over his 15-year career, he has been responsible for both global and national brands in Finland and Denmark, working in large international companies as well as on the agency side.

Listeds spoke with Huttunen about the role of the brand in driving company growth. 

Denmark is known for its strong design culture, vibrant urban life, and successful brands. This naturally raises the classic question: what can Finland learn from Denmark when it comes to building brands?

Long-term commitment. Huttunen’s answer comes without hesitation. It is an area where both Denmark and Sweden are ahead of Finland.

“In Finland, it’s common to say that Swedes are simply very good at branding and almost just accept it as a natural law. In reality, Finland has exactly the same potential to stand out. The difference is that we don’t commit to long-term brand development in the same way as Sweden and Denmark do. In marketing, there’s a simple rule: ambition and effectiveness start to fade when focus slips.”

For a brand to truly function as a growth driver, companies must commit to repetition and continuity rather than isolated efforts.

Company culture is the brand’s ultimate truth test

What about courage? Courage and risk-taking are not Finland’s natural strengths in the field of branding, and in times of economic uncertainty, bravery is often the first thing to give way to caution and safe choices. How is courage nurtured in Denmark? 

“The key difference, in my view, is that in Denmark there is open discussion about the level of courage across the organization, including at the leadership level. Courage also requires repetition – not just short-lived spikes like individual campaigns,” Huttunen says. “Courage also means saying something that not everyone will like. If a company focuses solely on not upsetting anyone and on saying things everyone wants to hear, it ends up saying nothing at all. That’s the path of jargon, where there is no differentiation and no value creation. Modern audiences are quick to see through this.”

Both courage and long-term thinking are only possible if there is genuine internal commitment to the brand. According to Huttunen, this commitment is often the hardest part.

“I’ve seen many brand transformations driven by the same underlying question: the brand isn’t delivering results right now – could it deliver next year? If you want a brand to perform, the first question is whether the organization is truly committed to building it and being brave internally. Brand has to become a leadership tool – and one that leaders actually use. It’s unnerving how many times I’ve seen senior leadership just waiting to see the new logo, even in the 2020s.”

In Denmark, Huttunen was initially surprised by how little people talked about brands. He quickly understood why. When a brand is truly lived through company culture, there is no need to constantly define it in meetings and steering groups. Brand is not a separate layer of activity; optimally product development, innovation, ways of working, and strategic initiatives all rest on it.

Everything starts with a clearly defined and shared core mission. Across the organization, people understand why the company exists, what it is striving for, and how their own work contributes to the whole. This is where purpose comes in – a word often dismissed as marketing jargon or even treated as a buzzword.

According to Huttunen, purpose is directly linked to how well a brand is understood – and lived internally. Company culture is every brand’s ultimate truth test.

“As a leader, you can deliver the most inspiring speeches and commission a beautifully polished brand from a prestigious London agency, but if your products, actions, decisions, and people don’t reflect what you claim the brand stands for, it simply isn’t true.”

Beyond performance metrics, the big picture still matters

Purpose also accelerates decision-making, Huttunen says. It provides a clear filter: is this at the core of who we are, or not? Does it support our goals, or does it pull us away from them?

“We live in a time when all kinds of issues surface as controversies, and everything gets broken down into parts. Brands must dare to speak – and stand behind what they say. If a company’s purpose never leads to difficult decisions, it’s probably too generic.”

But how should companies evaluate and justify the business impact of their brand?

“Marketing and communications professionals must be able to demonstrate the value of the brand through data, but organizations shouldn’t get lost in numbers alone. When too much emphasis is placed on short-term performance wins, it’s easy to lose sight of what we’re actually trying to build. The big picture and long-term perspective have to be present all the time.”

B2B brands need emotion too

Throughout his career, Huttunen has worked with massive global brands as well as smaller, local companies and businesses at the very beginning of their journey. He has experience in both B2C and B2B contexts. What can they learn from each other?

“Building a B2B brand from scratch is often extremely difficult. It’s easy to fall back on messages that lack differentiation – saying you’re fast, high-quality, and efficient. What is often forgotten, and what B2B can learn from B2C, is that beyond credibility and reliability, a brand also needs emotion. It’s people that make purchasing decisions in B2B as well.”

For Huttunen, brand is ultimately an emotional bond that forms between a company and people over time. Organizational culture, ways of working, communication, outward expression, and products all contribute to building this connection. Once that bond exists, it begins to guide choices and decisions.

Ideally, brand building is supported by both courage and investment. However, large budgets alone are never the solution.

“The fundamental principles of brand building are the same regardless of budget size. When money is limited, the bar for courage and creativity must be raised. Successful brand work requires strong expertise in using different media, as well as an understanding of weak signals and emerging trends. You need to know what your audience wants right now and how your brand connects to the phenomena of the moment. Customer understanding must be deep, and there has to be genuine curiosity about how to turn change into opportunity.”

|

|

Leaders

Finns need to learn long-term brand commitment to drive growth

Finns need to learn long-term brand commitment to drive growth

·

5 min read

Credit: Joel Huttunen

Credit: Joel Huttunen

Listeds met Joel Huttunen, who has been responsible for successful Nordic brands in both B2B and B2C contexts throughout his career. Based in Denmark, he shares his insights on what Finnish companies can learn about brand building and marketing. “If you want a brand to perform, the first question is whether the organization is truly committed to building it and being brave internally. Brand has to become a leadership tool – and one that leaders actually use.”

Brand is too often seen as a communicative fluffy layer – a surface added to help companies face their customers. That way of thinking is misguided. In reality, a brand should be understood as a business lever and growth driver, a tool that supports leadership and decision-making. This is how Joel Huttunen puts it. Over his 15-year career, he has been responsible for both global and national brands in Finland and Denmark, working in large international companies as well as on the agency side.

Listeds spoke with Huttunen about the role of the brand in driving company growth. 

Denmark is known for its strong design culture, vibrant urban life, and successful brands. This naturally raises the classic question: what can Finland learn from Denmark when it comes to building brands?

Long-term commitment. Huttunen’s answer comes without hesitation. It is an area where both Denmark and Sweden are ahead of Finland.

“In Finland, it’s common to say that Swedes are simply very good at branding and almost just accept it as a natural law. In reality, Finland has exactly the same potential to stand out. The difference is that we don’t commit to long-term brand development in the same way as Sweden and Denmark do. In marketing, there’s a simple rule: ambition and effectiveness start to fade when focus slips.”

For a brand to truly function as a growth driver, companies must commit to repetition and continuity rather than isolated efforts.

Company culture is the brand’s ultimate truth test

What about courage? Courage and risk-taking are not Finland’s natural strengths in the field of branding, and in times of economic uncertainty, bravery is often the first thing to give way to caution and safe choices. How is courage nurtured in Denmark? 

“The key difference, in my view, is that in Denmark there is open discussion about the level of courage across the organization, including at the leadership level. Courage also requires repetition – not just short-lived spikes like individual campaigns,” Huttunen says. “Courage also means saying something that not everyone will like. If a company focuses solely on not upsetting anyone and on saying things everyone wants to hear, it ends up saying nothing at all. That’s the path of jargon, where there is no differentiation and no value creation. Modern audiences are quick to see through this.”

Both courage and long-term thinking are only possible if there is genuine internal commitment to the brand. According to Huttunen, this commitment is often the hardest part.

“I’ve seen many brand transformations driven by the same underlying question: the brand isn’t delivering results right now – could it deliver next year? If you want a brand to perform, the first question is whether the organization is truly committed to building it and being brave internally. Brand has to become a leadership tool – and one that leaders actually use. It’s unnerving how many times I’ve seen senior leadership just waiting to see the new logo, even in the 2020s.”

In Denmark, Huttunen was initially surprised by how little people talked about brands. He quickly understood why. When a brand is truly lived through company culture, there is no need to constantly define it in meetings and steering groups. Brand is not a separate layer of activity; optimally product development, innovation, ways of working, and strategic initiatives all rest on it.

Everything starts with a clearly defined and shared core mission. Across the organization, people understand why the company exists, what it is striving for, and how their own work contributes to the whole. This is where purpose comes in – a word often dismissed as marketing jargon or even treated as a buzzword.

According to Huttunen, purpose is directly linked to how well a brand is understood – and lived internally. Company culture is every brand’s ultimate truth test.

“As a leader, you can deliver the most inspiring speeches and commission a beautifully polished brand from a prestigious London agency, but if your products, actions, decisions, and people don’t reflect what you claim the brand stands for, it simply isn’t true.”

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Beyond performance metrics, the big picture still matters

Purpose also accelerates decision-making, Huttunen says. It provides a clear filter: is this at the core of who we are, or not? Does it support our goals, or does it pull us away from them?

“We live in a time when all kinds of issues surface as controversies, and everything gets broken down into parts. Brands must dare to speak – and stand behind what they say. If a company’s purpose never leads to difficult decisions, it’s probably too generic.”

But how should companies evaluate and justify the business impact of their brand?

“Marketing and communications professionals must be able to demonstrate the value of the brand through data, but organizations shouldn’t get lost in numbers alone. When too much emphasis is placed on short-term performance wins, it’s easy to lose sight of what we’re actually trying to build. The big picture and long-term perspective have to be present all the time.”

B2B brands need emotion too

Throughout his career, Huttunen has worked with massive global brands as well as smaller, local companies and businesses at the very beginning of their journey. He has experience in both B2C and B2B contexts. What can they learn from each other?

“Building a B2B brand from scratch is often extremely difficult. It’s easy to fall back on messages that lack differentiation – saying you’re fast, high-quality, and efficient. What is often forgotten, and what B2B can learn from B2C, is that beyond credibility and reliability, a brand also needs emotion. It’s people that make purchasing decisions in B2B as well.”

For Huttunen, brand is ultimately an emotional bond that forms between a company and people over time. Organizational culture, ways of working, communication, outward expression, and products all contribute to building this connection. Once that bond exists, it begins to guide choices and decisions.

Ideally, brand building is supported by both courage and investment. However, large budgets alone are never the solution.

“The fundamental principles of brand building are the same regardless of budget size. When money is limited, the bar for courage and creativity must be raised. Successful brand work requires strong expertise in using different media, as well as an understanding of weak signals and emerging trends. You need to know what your audience wants right now and how your brand connects to the phenomena of the moment. Customer understanding must be deep, and there has to be genuine curiosity about how to turn change into opportunity.”

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Topics

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Authors

Content writer

Anu, a co-founder of the brand and communications agency United Imaginations and former editor-in-chief of Helsingin Sanomat, is our head of content.

Content writer

Anu, a co-founder of the brand and communications agency United Imaginations and former editor-in-chief of Helsingin Sanomat, is our head of content.

Authors

Content writer

Anu, a co-founder of the brand and communications agency United Imaginations and former editor-in-chief of Helsingin Sanomat, is our head of content.

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21 September 2026

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Market Signals

Citycon approved a €422.6M sale of three Finnish shopping centres to a company controlled by G City's shareholders

Sep 15, 2026

Myyrmanni, Koskikeskus and Trio, classified as a related-party transaction and approved by the independent directors on 12 August. 

On 12 August 2026, Citycon Oyj's board approved the divestment of three Finnish shopping centres — Myyrmanni in Vantaa, Koskikeskus in Tampere and Trio in Lahti — at an appraisal value of approximately €422.6m, based on the 30 June 2026 valuation.

The buyer is Noga Finland Retail Properties Oy, which Citycon's release describes as controlled by the shareholders of G City Ltd. G City and its subsidiary Gazit Europe Netherlands B.V. held approximately 89.68 per cent of Citycon at the time. Citycon classified the transaction as a related-party transaction deviating from the ordinary course of business, and states that the independent board members approved it.

Completion is expected in the second half of 2026, conditional on a public offering of securities in Noga Retail Properties Ltd. and other customary conditions. Citycon may provide vendor financing of up to €84.5m at market terms, and retains asset and property management of the three centres after closing, for which it will receive management and success fees.

The numbers

Appraisal value of the three centres

approx. €422.6m

Against the 28 May LOI

approx. €400m at 31 March 2026 book value

Vendor financing Citycon may provide

up to €84.5m — about a fifth of the price

G City + Gazit at approval / after 31 August

89.68% 

Separate related-party facility, 13 May

up to €200m mutual on-call loan, repayable 15 February 2028

Governance and ownership

The transaction is the third disclosed related-party item between Citycon and its controlling owner in four months.

  • 13 May — Citycon's board approved a mutual on-call loan facility of up to €200m with G City, repayable by 15 February 2028, at interest set on arm's-length terms by an independent pricing agent. The release notes G City is Citycon's parent and a related party, and states the facility was approved unanimously by the independent board members.

  • 28 May — Citycon signed a non-binding letter of intent for the divestment of Finnish centres at a book value of around €400m as at 31 March 2026.

  • 12 August — The board approved the sale of the three centres at approximately €422.6m, again by decision of the independent board members.

The parking dispute, in date order

One of the three centres is at the centre of a public dispute in Finland this summer. The sequence, as reported:

  • July 2026 — Citycon cut free parking at Myyrmanni from two hours to one. Free parking was also shortened to one hour at Iso Omena and Lippulaiva in Espoo; a K-Citymarket merchant told Länsiväylä the conduct was classless.

  • 8 August — Espoo City Council chair Jarno Limnéll wrote in Länsiväylä that Citycon should re-evaluate the decision and enter genuine dialogue with entrepreneurs and customers, noting Iso Omena houses a library, pharmacy and health centre.

  • 12 August — The board approved the sale of all three centres.

  • 14 August — MP Mia Laiho, chair of the Länsi-Uusimaa wellbeing services county board, called for Citycon to come to the negotiating table over the one-hour limit at Iso Omena.

  • 4 September — Citycon extended free parking at Myyrmanni to 90 minutes. No change in Espoo 

These are separate decisions by the same company in the same weeks. 

What to watch

Completion of the €422.6m divestment depends on the public offering of Noga Retail Properties Ltd. securities, and the timing of that offering determines whether the transaction closes before or after Citycon leaves the exchange. G City commenced compulsory redemption proceedings on 2 September, and Finnish redemption proceedings ran to a determined redemption price. The delisting application follows as soon as it is permitted under applicable law.



Executive Intelligence

Women hold 34.9% of Helsinki board seats. The chair's seat moved the other way.

Sep 14, 2026

The half in which the EU board gender directive fell due, measured against the Listeds board composition dataset. Women's share of board seats rose 1.3 points. The share of female chairs fell from 12.0% to 10.7%.

According to the Board Index — Finland H1 2026 study by Listeds and Admincontrol, women's share of board seats on Nasdaq Helsinki rose from 33.6% to 34.9% over the first half of the year. The gain was 1.3 percentage points in six months, continuing the upward trend that began in 2022 (28.2%). 30 June 2026 was the compliance deadline for the EU directive on gender balance on the boards of listed companies (Directive (EU) 2022/2381). The largest single-year gain, however, came in 2025, when the share climbed 3.0 points from 30.6% to 33.6% — a full year before the deadline took effect.

The 40% target applies to a narrower group than the market average covers

The market-wide average still falls short of the directive's 40% target. The directive's obligations, however, apply only to companies above certain size thresholds — in Finland, more than 250 employees and either a balance sheet above €43 million or turnover above €50 million — whereas the Board Index figures cover the whole of Nasdaq Helsinki and the First North market. In the Large Cap segment, which comes closest to the group in scope, the threshold was passed: women held 42.0% of board seats at the end of June. Market-cap segment is an approximation rather than the legal test: some Mid Cap companies clear the employee and turnover thresholds, while a few Large Cap companies with small workforces do not. The lowest shares sit in small companies and on First North, which are largely outside the directive's scope.

One woman on the board is no longer enough

The change over the first half was not only a matter of volume. The emphasis shifted from appointing a first woman to filling more than one seat: the share of companies with only one woman on the board fell from 26.2% to 21.9%. At the same time, the share of companies where more than 40% of directors are women rose from 24.0% to 27.8%.

By segment, the largest step was taken in Small Cap companies, where women's share rose from 29.6% to 32.4%. First North remains the most male-dominated market segment: women hold just 27.5% of board seats there. By industry, the sharpest gains came in consumer staples (36.1% → 40.0%) and technology (29.5% → 32.9%). Real estate remains the least gender-diverse industry, with women at 25.0%.

Eight all-male boards — and fewer female chairs than before

One indicator stood still, the other turned down. The number of all-male boards remained at eight companies (4.4% → 4.3% of companies), and all of them are Small Cap or First North companies: Digitalist Group, Dovre Group, Eagle Filters Group, Norrhydro Group, Pallas Air, Summa Defence, Sunborn International and Titanium.

The share of female chairs fell from 12.0% (22 companies) to 10.7% (20 companies). Progress in board membership has therefore not yet reached the head of the table.

At the other end of the range, a group of companies has reached or passed gender parity. The highest shares of women were at Suominen (66.7%), Aktia Bank and Verkkokauppa.com (both 57.1%) and Huhtamäki (55.6%). Fiskars, Kempower, Orion, Stora Enso, Administer and Modulight landed at exactly 50%.

Internationalisation did not move at all

The nationality mix was entirely unchanged: Finnish nationals held 77.3% of board seats both at the start and at the close of the half. In every reading since 2022 the figure has sat between 77% and 78%. The only real movement in the series came in 2025, when the Finnish share fell from 78.2% to 77.3%.

Internationalisation is concentrated in a small number of large companies and in certain industries. The most international industries are telecommunications (44.1% Finnish), health care (61.9%) and energy (62.5%). Among market segments, Large Cap is the most international (58.4% Finnish). The most domestic industries are consumer staples (88.0%) and industrials (85.3%); among segments, Small Cap (87.8%) and First North (86.1%). The internationalisation of Finnish listed companies' business has not carried through to their board composition, and new listings still arrive on the exchange with largely all-domestic boards.

“Finnish listed companies are internationalising their business faster than their boards. If a company's growth comes from outside its home market, the board should include at least one director who has relevant business experience from that market. Today's digital board meeting systems make high-quality, frictionless board work possible across borders as well.”
Henrikki Hirvonen
Henrikki HirvonenCountry Manager Finland, Admincontrol

Average age edged down

The average age of boards fell from 57.6 to 57.0 years over the half. Across the full series, however, boards have aged: the average has risen from 55.7 years at the end of 2022, with the sharpest single move — up 1.1 years — in 2025 alone. Millennials (born 1980–1999) rose from 12.0% to 12.2% of board seats, and directors under 50 from 18.1% to 18.5%. The share of companies with no millennial director fell from 50.3% to 47.1%.

Even the youngest boards sit at or above 45 years of age. The only exception is Talenom, whose board has a calculated average age of 40.8 years and where 80.0% of directors are millennials.

Most of the adjustment came before the deadline, not because of it

Progress over the first half was broader than regulation alone requires, as shares also rose outside the directive's size thresholds. The open question is whether it continues without a deadline attached to it. The pattern in the data suggests much of the adjustment was anticipatory: the largest annual gain came in 2025, before the deadline, and the pace roughly halved in the half when compliance actually fell due.

“Diversity is measured by gender, nationality and age because those are measurable. A board's real capability, however, is a question of expertise: does the board's expertise match the tactics and the strategy the company intends to execute over the coming years. Composition is only the starting point. Diverse board work is not automatically effective, because different perspectives produce better decisions only if the way the board works lets them reach the table.”
 Henrikki Hirvonen
Henrikki HirvonenCountry Manager Finland, Admincontrol

Summary

Metric

1 Jan 2026

30 Jun 2026

Women on boards

33.6%

34.9%

Boards with no women

4.4% (8 companies)

4.3% (8 companies)

Boards with only one woman

26.2%

21.9%

Boards above 40% women

24.0%

27.8%

Female board chairs

12.0%

10.7%

Finnish directors

77.3%

77.3%

Average board age

57.6

57.0

Millennial directors

12.0%

12.2%

Boards with no millennial

50.3%

47.1%

Read the full index: Board Index — Finland | H1 2026

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