Nokia, a well-known technology manufacturer, has recently announced that it will be undergoing a significant rebranding effort. The company will be changing its brand identity for the first time in 60 years, which includes a complete overhaul of its logo.
The new logo will be made up of five different shapes that spell out the word NOKIA. The previous logo’s iconic blue color has been replaced with a variety of colors depending on the usage.
In an interview with Reuters, Chief Executive Pekka Lundmark explained that Nokia’s new brand identity is aimed at signaling a shift in focus towards aggressive growth in the technology industry.
Lundmark spoke just before the company’s business update before the annual Mobile World Congress (MWC) held in Barcelona. The MWC runs until March 2 and is expected to showcase the latest advancements in mobile technology.
Nokia has been in the midst of a major turnaround effort after taking over a struggling Finnish technology company in 2020. Lundmark established a three-stage strategy for the company, which included a reset, acceleration, and scaling stage.
With the reset phase now complete, the company has entered the acceleration stage, during which Nokia aims to develop its service provider business by selling equipment to telecommunications companies.
Lundmark stated that Nokia had achieved excellent growth of 21% last year and hopes to increase that to double digits shortly. The company plans to review its various businesses’ growth paths and consider alternatives, including divestitures.
Several major technology companies, such as Microsoft and Amazon, have partnered with telecommunications equipment manufacturers like Nokia to sell private 5G networks and equipment for automated factories to customers, primarily in the manufacturing sector.
Nokia’s shift toward factory automation and data centers will put the company in direct competition with these major technology players.
Despite the competition, Lundmark remains optimistic about Nokia’s future prospects, stating that the company’s goal is to be a leader in any business it pursues.
“There will be various types of cases, sometimes they will be our partners, sometimes they could be our customers, and I’m sure there will also be situations where they will be our competitors,” Lundmark said.
