What: Belgium's only department store chain INNO achieves 13% growth under new Scandinavian ownership, launching 'Iconic' campaign while modernising its 160,000m² retail network.

Why it is important: This evolution illustrates how department stores can leverage new ownership to modernize operations while preserving their unique market position and customer relationships.

INNO, Belgium's sole department store chain established in 1897, is experiencing a renaissance under its new owners, Axcent of Scandinavia and Skel. The company has achieved impressive growth with revenues reaching €295 million, representing a 13% increase since 2021, outperforming many European counterparts. While the transformation of its 160,000m² retail network requires time, several stores have already undergone significant renovations. The retailer maintains a strong customer base of two million loyal members while successfully attracting younger consumers through trendy brands like Lacoste and Fred Perry, complemented by social media campaigns. The integration of Scandinavian house brands, combined with traditional strengths in perfumes and café spaces, enhances the shopping experience. Marketing Director Elly Zwinnen emphasises the company's commitment to innovation and aspiration to become a premium "grand magasin" that inspires customers.

IADS Notes: INNO's transformation under new ownership demonstrates successful retail evolution. According to Retail Detail's November 2024 coverage , the company's renovated Woluwe store showcases its strategic repositioning through digital integration and over 40 new premium brands. Fashion United's July 2024 analysis  revealed how the acquisition by Axcent of Scandinavia and SKEL aimed to leverage their retail expertise for INNO's expansion in Belgium. The Retail Bulletin's April 2025 report  highlighted how successful department stores are prioritising experiential retail and innovation, a strategy INNO has embraced through its café concepts and marketplace development. Brussels Times' October 2023 coverage  showed INNO's strong financial foundation, with €10 million operating profit in 2021-2022, providing the basis for current growth. The 13% revenue growth since 2021 to €295 million, combined with two million loyal members and successful attraction of younger customers through trendy brands, validates INNO's transformation strategy under its new Scandinavian ownership.

Inno touts its latest progress at the Retail Detail congress