Nokia has revealed plans to revamp its brand identity for the first time in almost six decades, including a new logo, as the telecom equipment manufacturer prioritises ambitious growth plans.
The updated logo is composed of five distinct shapes that come together to spell out the company’s name. Instead of the well-known blue colour used in the previous logo, a range of colours will now be utilised based on the specific application.
Ahead of the Mobile World Congress in Barcelona, CEO Pekka Lundmark stated in an interview, “In most people’s minds, we are still a successful mobile phone brand, but this is not what Nokia is about.”
Lundmark elaborated that the new brand would emphasise networking and industrial digitalisation, which differ significantly from their previous mobile phone legacy.
HMD Global currently sells phones under the Nokia brand, having acquired the license from Microsoft Corp. who stopped using the name after purchasing the business in 2014.
According to Lundmark, Nokia’s primary objective is to increase its market share in providing wireless service providers with network equipment.
The CEO stated that Nokia now possesses the necessary resources and capabilities to expand its market share without compromising profitability. Major technology companies have teamed up with telecom equipment manufacturers such as Nokia to offer private 5G networks and automation equipment to clients, mainly in the manufacturing industry.
Nokia aims to accelerate growth in its business of supplying private 5G networks to enterprises. Last year, the enterprise sector accounted for eight percent of Nokia’s overall revenue, and the goal is to increase this to double digits through organic growth and smaller acquisitions, Lundmark added.
Nokia intends to assess the growth trajectory of its various business ventures and weigh its options, including selling off certain aspects of the company.
“We only want to be in businesses where we can see global leadership,” Lundmark said.
