Nokia Oyj, a Finnish telecoms equipment manufacturer, has announced a fresh redesign of its logo for the first time in over 60 years, removing the need for users to associate it with mobile phones, which it stopped making nearly a decade ago, and transferring rights to HMD Global. Along with the change in logo design, the company also announced a strategic overhaul.
The new NOKIA logo can already be seen on the company's headquarters. It consists of five different colors that form the company's logo. Depending on the application, the new logo will use a different color palette.
On the eve of the Mobile World Congress in Barcelona, Nokia CEO Pekka Lundmark told Bloomberg. "We want to launch a new brand that is completely different from (launching) legacy mobile phones."
Nokia intends to increase its market share of wireless service providers, according to Lundmark. Nokia has "ammunition and tools" to take market share without sacrificing profits, as noted by Bloomberg.
Nokia intends to expand its private 5G business, which generated 8% of Nokia's revenue last year, according to Lundmark, and the next objective is to drive the business to "double-digit" levels, primarily driven by organic growth and smaller acquisitions.
Nokia has rejected the possibility of following the lead of its main competitor, Vonage Holdings Corp., which paid $6.2 billion for the same objective of increasing growth rates.
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