When Kyrö Distillery announced a Game of Thrones whisky partnership this spring, the collaboration seemed unusually ambitious for a company from Isokyrö, a municipality of fewer than 5,000 people on Finland's west coast.

The bottles may grab the headlines. The more interesting story is how Kyrö earned Warner Bros' attention in the first place. For many Finnish founders, global entertainment brands, luxury groups, and multinational corporations can feel inaccessible. Partnerships of that scale appear to belong to a different league. Kyrö found the gap was smaller than it looked.

According to Global Brand & Marketing Director Matti Kovanen, the partnership did not begin with a grand licensing strategy. The deal traces its origins to a chance introduction. A mutual contact introduced Kyrö to HBO Finland. The initial discussions focused on events and activations. 

Kyrö soon floated a bigger idea. "We kind of put out the idea that, hey, would it be possible to create proper collaborative products?"

The company was eventually introduced to Warner Bros' licensing organization. Discussions moved through several franchises before landing on Game of Thrones, resulting in two limited- edition rye whiskies inspired by House Targaryen and its motto, Fire and Blood.

"It's a matter of asking the first question rather than being afraid of the answer already," Kovanen says.

Matti Kovanen joined Kyrö in 2022 and became the global brand and marketing director in January 2026.

The real challenge came after the agreement

Securing the deal turned out to be the easy part. The agreement was signed in December. By January, key decisions around product concepts, packaging, approvals, and production needed to be finalized.

"We think of ourselves as being very agile. But even then, the schedule was very ambitious." The timeline would have been challenging for any consumer products company. Whisky added another layer of complexity.

"Whisky is not a hasty product to create," Kovanen says. While designers, licensing teams, and marketers worked against deadlines, Kyrö's distillers had to create products that could stand alongside both brands.

Kovanen is quick to credit the team. "Luckily, our distillers are so great at producing these beautiful liquids. They quickly came up with the answers to this concept and the proper products and liquids to put in the bottles."

Opportunities rarely arrive on a convenient schedule. By the time they appear, the capabilities already need to be there.

All of Kyrö's whiskies are produced at its distillery in Isokyrö, a municipality in Finland's South Ostrobothnia region near Vaasa.

Why Warner Bros took Kyrö seriously

Kyrö's story began more than a decade ago when five friends sat in a sauna drinking rye whisky and asking a simple question: why wasn't anyone making Finnish rye whisky?

That question eventually became a distillery. There was one problem. Whisky takes years. Once the first barrels were maturing, the founders realized they needed something else to sell while they waited. So they made a gin. As it turned out, the side project changed everything.

In 2015, while co-founder Miika Lipiäinen was on a cycling trip in Estonia, he received an unexpected phone call. Kyrö Napue Gin had been named the world's best gin for gin and tonic at the International Wine and Spirit Competition in the United Kingdom.

The recognition helped introduce Kyrö to audiences far beyond Finland. The company sold out of its gin within days.

More recently, Kyrö's whisky business has built a reputation that extends well beyond Finland. The distillery has appeared in Drinks International's World's Most Admired Whiskies list for five consecutive years, most recently in 2025. By the time Warner Bros entered the picture, Kyrö was no longer an unknown Nordic distillery.

Kovanen suspects that familiarity helped. "They already knew us, and they were kind of fans of our brand. They felt secure enough from the very beginning that this is a respected premium brand."

Many founders focus on the pitch. Kovanen's experience suggests that partnerships are often won long before the first conversation takes place.

Find your version of Finland

Kyrö's brand is deeply Finnish. The company was founded in a sauna. Its spirits are made from Finnish wholegrain rye. Production remains in Isokyrö.

Yet Kovanen draws a distinction between using Finnishness and relying on it. "We are not selling Finland abroad. We are selling ourselves and our brand."

The difference is subtle but important. For Kyrö, Finnishness works when it is connected to something specific: the founding story, the ingredients, the production methods, or the people behind the company.

A recent conversation with an American distributor reinforced that point. The distributor encouraged Kyrö to talk more about Finland's long summer days, foraging culture, and growing conditions. To Finns, those details can feel unremarkable. To international audiences, they can help explain why the product is different.

"Because of the long growth season, our crops tend to have a different taste profile than somewhere else in the world," Kovanen says. The lesson is not to hide where you're from. It is to understand which parts of your story matter to people who are not from there.

Finnishness looks different around the world

What resonates in one market often falls flat in another. 

Kovanen points to Germany and Asia as examples. In Germany, he says, Finnish eccentricity travels surprisingly well. "The quirkiness, the humor, the kind of craziness of Finnish culture resonates much more."

In Asia, he says, the appeal often comes from somewhere else. "There, the premiumness and the Nordic stillness are much more prominent."

The audience changes. The story adapts. Kyrö has learned to listen carefully to what different markets see in the brand.

Think neighborhoods, not countries

Kovanen believes many Finnish companies underestimate the scale of international markets.

"Thinking about Finland as a market, but then thinking about Berlin as a market, there is of course a big difference."

Kyrö learned that lesson during its growth in Germany. Instead of trying to build awareness across the entire country, the company concentrated its efforts in specific neighborhoods in Berlin. "We tried to make a big impact in a very small area."

Growth abroad also changed how the company thinks about distribution. Many smaller brands assume the best distributor is the biggest one. Kovanen has reached a different conclusion. "We've felt that we need to be the big brand in a certain distributor's portfolio rather than being one of the smaller players." The observation comes from experience. Large distributors can offer impressive reach, but they also divide their attention across dozens of brands.

Kyrö found greater success when it became strategically important to a partner rather than another label in a catalog. For a company from Isokyrö, being noticed has often mattered more than being everywhere.

Building for the long term

Asked what advice he would give Finnish founders building internationally, Kovanen does not talk about growth hacks, marketing tactics, or fundraising.

Instead, he talks about consistency. "We haven't had to change the fundamentals that much." He also talks about honesty. "Whatever we tell, we try to be as transparent and as honest as possible."

And he talks about Finland. "The fact that the company comes from Finland is a positive. You certainly shouldn't hide it."

More than a decade after five friends first discussed rye whisky in a sauna, those principles have taken Kyrö from Isokyrö to markets around the world and, eventually, to Westeros.

|

Weekend

What Kyrö's Game of Thrones deal reveals about building a Finnish brand abroad

What Kyrö's Game of Thrones deal reveals about building a Finnish brand abroad

·

5 min read

Credit: Kyrö, GoT Whisky of Fire ja Whisky of Blood

Credit: Kyrö, GoT Whisky of Fire ja Whisky of Blood

When Kyrö Distillery announced a Game of Thrones whisky partnership this spring, the collaboration seemed unusually ambitious for a company from Isokyrö, a municipality of fewer than 5,000 people on Finland's west coast.

The bottles may grab the headlines. The more interesting story is how Kyrö earned Warner Bros' attention in the first place. For many Finnish founders, global entertainment brands, luxury groups, and multinational corporations can feel inaccessible. Partnerships of that scale appear to belong to a different league. Kyrö found the gap was smaller than it looked.

According to Global Brand & Marketing Director Matti Kovanen, the partnership did not begin with a grand licensing strategy. The deal traces its origins to a chance introduction. A mutual contact introduced Kyrö to HBO Finland. The initial discussions focused on events and activations. 

Kyrö soon floated a bigger idea. "We kind of put out the idea that, hey, would it be possible to create proper collaborative products?"

The company was eventually introduced to Warner Bros' licensing organization. Discussions moved through several franchises before landing on Game of Thrones, resulting in two limited- edition rye whiskies inspired by House Targaryen and its motto, Fire and Blood.

"It's a matter of asking the first question rather than being afraid of the answer already," Kovanen says.

Matti Kovanen joined Kyrö in 2022 and became the global brand and marketing director in January 2026.

The real challenge came after the agreement

Securing the deal turned out to be the easy part. The agreement was signed in December. By January, key decisions around product concepts, packaging, approvals, and production needed to be finalized.

"We think of ourselves as being very agile. But even then, the schedule was very ambitious." The timeline would have been challenging for any consumer products company. Whisky added another layer of complexity.

"Whisky is not a hasty product to create," Kovanen says. While designers, licensing teams, and marketers worked against deadlines, Kyrö's distillers had to create products that could stand alongside both brands.

Kovanen is quick to credit the team. "Luckily, our distillers are so great at producing these beautiful liquids. They quickly came up with the answers to this concept and the proper products and liquids to put in the bottles."

Opportunities rarely arrive on a convenient schedule. By the time they appear, the capabilities already need to be there.

All of Kyrö's whiskies are produced at its distillery in Isokyrö, a municipality in Finland's South Ostrobothnia region near Vaasa.

Why Warner Bros took Kyrö seriously

Kyrö's story began more than a decade ago when five friends sat in a sauna drinking rye whisky and asking a simple question: why wasn't anyone making Finnish rye whisky?

That question eventually became a distillery. There was one problem. Whisky takes years. Once the first barrels were maturing, the founders realized they needed something else to sell while they waited. So they made a gin. As it turned out, the side project changed everything.

In 2015, while co-founder Miika Lipiäinen was on a cycling trip in Estonia, he received an unexpected phone call. Kyrö Napue Gin had been named the world's best gin for gin and tonic at the International Wine and Spirit Competition in the United Kingdom.

The recognition helped introduce Kyrö to audiences far beyond Finland. The company sold out of its gin within days.

More recently, Kyrö's whisky business has built a reputation that extends well beyond Finland. The distillery has appeared in Drinks International's World's Most Admired Whiskies list for five consecutive years, most recently in 2025. By the time Warner Bros entered the picture, Kyrö was no longer an unknown Nordic distillery.

Kovanen suspects that familiarity helped. "They already knew us, and they were kind of fans of our brand. They felt secure enough from the very beginning that this is a respected premium brand."

Many founders focus on the pitch. Kovanen's experience suggests that partnerships are often won long before the first conversation takes place.

Find your version of Finland

Kyrö's brand is deeply Finnish. The company was founded in a sauna. Its spirits are made from Finnish wholegrain rye. Production remains in Isokyrö.

Yet Kovanen draws a distinction between using Finnishness and relying on it. "We are not selling Finland abroad. We are selling ourselves and our brand."

The difference is subtle but important. For Kyrö, Finnishness works when it is connected to something specific: the founding story, the ingredients, the production methods, or the people behind the company.

A recent conversation with an American distributor reinforced that point. The distributor encouraged Kyrö to talk more about Finland's long summer days, foraging culture, and growing conditions. To Finns, those details can feel unremarkable. To international audiences, they can help explain why the product is different.

"Because of the long growth season, our crops tend to have a different taste profile than somewhere else in the world," Kovanen says. The lesson is not to hide where you're from. It is to understand which parts of your story matter to people who are not from there.

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What happened, why it matters, and what to watch across every CEO, board, and executive move in Nordic listed companies, starting with Finland. Fast, factual, and to the point.

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Your weekly leadership intelligence briefing.

What happened, why it matters, and what to watch across every CEO, board, and executive move in Nordic listed companies, starting with Finland. Fast, factual, and to the point.

Delivered every Monday.

By signing up, you agree to our Privacy Policy

Finnishness looks different around the world

What resonates in one market often falls flat in another. 

Kovanen points to Germany and Asia as examples. In Germany, he says, Finnish eccentricity travels surprisingly well. "The quirkiness, the humor, the kind of craziness of Finnish culture resonates much more."

In Asia, he says, the appeal often comes from somewhere else. "There, the premiumness and the Nordic stillness are much more prominent."

The audience changes. The story adapts. Kyrö has learned to listen carefully to what different markets see in the brand.

Think neighborhoods, not countries

Kovanen believes many Finnish companies underestimate the scale of international markets.

"Thinking about Finland as a market, but then thinking about Berlin as a market, there is of course a big difference."

Kyrö learned that lesson during its growth in Germany. Instead of trying to build awareness across the entire country, the company concentrated its efforts in specific neighborhoods in Berlin. "We tried to make a big impact in a very small area."

Growth abroad also changed how the company thinks about distribution. Many smaller brands assume the best distributor is the biggest one. Kovanen has reached a different conclusion. "We've felt that we need to be the big brand in a certain distributor's portfolio rather than being one of the smaller players." The observation comes from experience. Large distributors can offer impressive reach, but they also divide their attention across dozens of brands.

Kyrö found greater success when it became strategically important to a partner rather than another label in a catalog. For a company from Isokyrö, being noticed has often mattered more than being everywhere.

Building for the long term

Asked what advice he would give Finnish founders building internationally, Kovanen does not talk about growth hacks, marketing tactics, or fundraising.

Instead, he talks about consistency. "We haven't had to change the fundamentals that much." He also talks about honesty. "Whatever we tell, we try to be as transparent and as honest as possible."

And he talks about Finland. "The fact that the company comes from Finland is a positive. You certainly shouldn't hide it."

More than a decade after five friends first discussed rye whisky in a sauna, those principles have taken Kyrö from Isokyrö to markets around the world and, eventually, to Westeros.

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Authors

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Authors

Journalist

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

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Monthly Leadership Moves

September's finance seats started filling from inside

Oct 9, 2026

Through August, every incoming chief financial officer at a Helsinki issuer since December 2025 already held the title somewhere else. In September, Vincit promoted from its own controlling team and UPM made WISA's interim finance chief permanent. The lateral market did not close: Tieto and Relais both hired sitting finance chiefs, and Terveystalo is now searching for one.

Listeds had recorded at least ten CFO changes across Nasdaq Helsinki and First North between December 2025 and August 2026, and not one incoming finance chief was taking the job for the first time. Last month's roundup ended on whether September would break that run. It did, at the smaller end of the market.

The month's second signal was structural. Viking Line, Kalmar, Terveystalo and the planned UPM and Sappi graphic paper joint venture each redrew an organization in September and named the people to run it. Board-level change stayed thin, and most of it was nomination-board formation for the 2027 annual general meetings rather than turnover in the boardroom itself.

Vincit and WISA broke the lateral run with internal finance appointments

The Digia and Vincit chain that opened in August closed in September. Vincit named a successor on September 01, and went inside to do it. Paula Kuittinen, Head of Management Accounting and Business Control since March 2026 and before that more than 12 years in finance roles at CGI, most recently she has been the Finance Director, now becoming the CFO on November 1. "It is great to be able to appoint our new CFO from within the company," said chief executive Julius Manni.

On September 18, UPM's board appointed Lasse von Hertzen, previously WISA's interim CFO, its permanent Senior Vice President and Chief Financial Officer, effective when the plywood demerger completes. That finishes a WISA leadership team named in full by the parent's board, with trading expected from November 2.

LapWall took a third route. Tuomo Riihonen's employment ended on September 24, and the next day the company named Tiina Määttä Chief Financial Officer and Legal Officer from October 1. Her record runs through finance and legal advisory roles at Talenom and Greenstep and the chief executive seat at Kymsol Group.

Kempower named Lasse Hatinen on September 9, bringing more than 15 years of finance leadership in listed industrial companies. He joins by March 1, 2027 at the latest, from Metso where he has served as Senior Vice President, Group Controller. Juha Jaatinen, interim since August 13, holds the seat until then.

Larger issuers kept buying finance chiefs who already hold the title

The lateral market remains the default above small cap. Tieto appointed Juuso Pajunen from Terveystalo on September 16, and Terveystalo opened its search the same day. Relais Group appointed Joonas Mäkipeska on September 14 from Technopolis, where he is Chief Financial and Strategy Officer, after CFO roles at Holiday Club Resorts, Sponda and ALD Automotive. Chief executive Christian Gebauer framed the brief as "continued profitable growth, supported by financial discipline, strong cash conversion and investment discipline."

Stora Enso moved the other way on the same theme: on September 17 CFO Niclas Rosenlew was named deputy chief executive to President & CEO Hans Sohlström while keeping the finance role. Tallink appointed Armin Penner as its new CFO on September 8. He has worked for more than six years as CFO and Management Board Member of Circle K Eesti and has also served as CFO of Euroapteek and Ragn-Sells Eesti. 

SSH went outside for its chief executive, Arvo went to its own board

September's two listed-issuer CEO appointments took opposite routes. SSH Communications Security named Lars Bell from Omada, where he was Chief Customer Officer and interim chief executive, effective October 1. The share rose 49.5% in the five sessions to September 7. Bell inherits a business whose second-quarter revenue recovered to EUR 5.7 million, up 6.8%, while EBITDA fell 40.7%, and he starts on the same day as CFO Cristian Arias. The third-quarter report will be the first one a rebuilt executive team owns.

Arvo Sijoitusosuuskunta named Teemu Kokko, a member of its board of directors since 2021, deputy chief executive from December and chief executive from April 1, 2027. The selection ran through a nomination committee drawn from the cooperative's supervisory board, one level above the board Kokko sits on. He inherits first-half operating profit of EUR 8.5 million against EUR 6.5 million a year earlier, most of the step-up traced to an approximately EUR 6.9 million gain on the HANZA exit.

Reorganizations, not departures, produced most management-team changes

The month's largest management-team changes came attached to new structures. Kalmar announced plans on September 3 to simplify its operating model by combining divisions. Terveystalo said on September 4 it will report in four segments from 2027, Healthcare Services, Oral Health, Public Partnerships and Sweden, and named Ville Pesonen senior vice president for oral health. Viking Line renewed its management structure on September 8 and established a Viking Leadership Team. UPM and Sappi nominated Gunnar Eberhardt and Stephen Blyth to lead their planned graphic paper joint venture on September 8, and the wider management team on September 14. 

Technology seats moved alongside. Aspocomp named Ville Raatikainen Chief Engineering and Technology Officer from January 1, 2027, the second outside hire to its team since July, timed to the phased commissioning of its expanded Oulu plant.

Directors moving into executive roles drove September's committee changes

Only one board chair left. Kari Syrjänen resigned as chair of Biohit on September 2. The two committee changes that followed shared a cause: a director taking an executive job. Tulikivi's audit committee chair Niko Haavisto left the board after becoming CFO of Fiskars, and Panu Paappanen became the chairperson on September 14. At Olvi, director Tarmo Noop left the audit committee to run the Estonian subsidiary A. Le Coq on an interim basis, and board chair Nora Hortling replaced him.

September split the finance pipeline by company size

September broke the lateral CFO run, but only at the smaller end of the market: Vincit and WISA filled their finance seats from inside, while Tieto and Relais kept hiring sitting finance chiefs. At chief executive level, Arvo promoted from its own board and SSH went outside. Most management-team changes followed reorganizations rather than departures. On boards, the committee changes came from directors moving into executive roles, and most other activity was nomination-board formation for 2027. With interim finance cover at Kempower and Relais and an open seat at Terveystalo, the next test is whether larger issuers start filling finance seats from within. 

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