Nokia unveils new logo for strategic growth

In order to pursue ambitious expansion, telecom equipment giant Nokia has revealed plans to undertake a brand identification revamp for the first time in nearly 60 years. The brand’s new logo, which replaces the famous blue colour of the previous design, consists of the word NOKIA in five different shapes.

On the eve of the yearly Mobile World Congress in Barcelona, CEO Pekka Lundmark introduced the new design before providing an update on the company’s operations. In an interview with Reuters, Lundmark said, “There was the association to cellphones and today we are a commercial technology company.

Lundmark created a three-stage approach consisting of resetting, accelerating, and scaling after taking over as CEO of the faltering Finnish company in 2020. Now that the reset period is through, Lundmark is concentrating on selling equipment to other companies, even though it still wants to grow its service provider business.

Nokia

According to Lundmark, “We achieved really good 21% growth in enterprise last year, which is presently about 8% of our revenues, (or) 2 billion euros ($2.11 billion) roughly.” We want to increase that to double digits as soon as we can.

Nokia will be in direct rivalry with major IT companies like Microsoft and Amazon as a result of its expansion into data centres and factory automation.

According to Lundmark, “there will be many various types of circumstances, sometimes they will be our partners, sometimes they can be our customers, and I’m sure there will also be occasions when they will be competitors.”

With high-margin markets like North America being replaced by low-margin areas like India, the telecom equipment market is under pressure. As a result, Ericsson has had to lay off 8,500 workers. Nokia intends to evaluate the development of each of its companies, including the potential for divestitures.