Nokia unveils new logo for the first time in nearly 60 years

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Nokia unveils new logo for the first time in nearly 60 years

Nokia is looking to pursue aggressive growth and has announced plans to undergo a brand identity overhaul for the first time in nearly six decades. The company's logo has five different shapes forming the word NOKIA, with a range of colors that replace the iconic blue hue of the old logo.

The CEO Pekka Lundmark unveiled the new design ahead of a business update on the eve of the annual Mobile World Congress in Barcelona. There was the association to smartphones and now we are a business technology company, Lundmark told Reuters in an interview.

After taking over as CEO of the struggling Finnish company in 2020, Lundmark established a three-stage strategy consisting of resetting, accelerating, and scaling. With the reset phase now completed, Lundmark has shifted its focus to selling gear to other businesses, although it still aims to expand its service provider business.

We had good 21% growth last year in enterprise, which is currently about 8% of our sales, or 2 billion euros $2.11 billion roughly, according to Lundmark. We want to take that to double digits as quickly as possible. Nokia is in direct competition with big tech companies like Microsoft and Amazon because of its move into factory automation and data centres.

There will be multiple different types of cases, sometimes they will be our partners, sometimes they can be our customers. Lundmark said that there will be situations where they will be competitors.

The telecom gear market is facing a difficult macro environment, with high-margin markets like North America being replaced by low-margin regions like India, resulting in Ericsson laying off 8,500 employees. Nokia is planning to review the growth path of its different businesses, including the possibility of a divestment.

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