Musti Group

What Musti Group does

Musti Group Oyj is the leading Nordic pet care specialist, operating an omnichannel retail platform across seven European countries (Finland, Sweden, Norway, Estonia, Latvia, Lithuania and Portugal) under multiple banners including Musti ja Mirri, Arken Zoo, Musti Norge, Pet City and ZU. The company serves pet parents with a curated assortment of branded and private-label pet food, accessories, and non-food products, complemented by grooming, training, veterinary clinic and spa services at selected locations, and by an own-brand manufacturing capability that supplies premium, mid-range and value tiers including sustainable lines such as RESPLOOT.

The underlying operating model is a 495-513 store physical network combined with proprietary e-commerce platforms (Peten Koiratarvike, Vetzoo) that together generated EUR 508.9 million of FY2025 net sales, of which approximately 22.9% came from online channels. The technology stack is conventional retail: a central warehouse, a loyalty club covering 1.8-1.9 million customers, an internal training platform (Pawcademy), and integration pilots such as the Lost Pet Alarm system partnered with Karkurit.fi. There is no disclosed proprietary AI, marketplace, or platform-layer technology; differentiation rests on store density, private-label sourcing and category expertise rather than software IP.

Musti is controlled by Portuguese conglomerate Sonae SGPS (approximately 80.85% via Flybird Holding Oy following a EUR 700 million takeover), with a free float listed on Nasdaq Helsinki since the February 2020 IPO at a EUR 293 million initial market capitalization. Revenue grew 14.4% in FY2025 and approximately 12% CAGR since 2019, driven by a combination of organic same-store gains, private-label mix shift, and the bolt-on acquisitions of Pet City in the Baltics (2024, EUR 18 million) and ZU in Portugal (December 2025, EUR 12.9 million). FY2025 adjusted EBITDA margin was 12.2% but the company reported a EUR 3.7 million net loss, indicating that top-line expansion is currently outpacing profitability as integration costs and acquisition financing are absorbed.

Name

Musti Group

Legal name

Musti Group Oyj

Website

https://mustigroup.com

Company type

Public

Founded year

1988

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Musti Group is the leading Nordic pet care specialist, operating an omnichannel retail platform across seven European countries that serves approximately 1.9 million pet parents with food, supplies, grooming, veterinary and spa services.

Ownership category

akta.pro rank

Product category

Pet Care Retail

NAICS

Pet and Pet Supplies Retailers (459910), Pet and Pet Supplies Retailers (45991), Dog and Cat Food Manufacturing (311111), Animal Food Manufacturing (3111), Veterinary Services (54194), Pet Care (except Veterinary) Services (81291)

SIC

Retail-Food Stores (5400)

akta.pro primary industry

Manufacturing, Private Label & Co-Manufacturing for Animal Diets (HLAMAHAO)

akta.pro secondary industries

Small Animal Supplies Retail (Rabbits, Guinea Pigs, Hamsters) (CRALAHAL), Pet Accessories & Travel Gear Distribution (Collars, Leashes, Carriers) (CRAOAKAF), Dry Kibble (Dog & Cat) (CRADAFAA), Wet/Canned & Pouch Food (Dog & Cat) (CRADAFAB), Life-Stage & Breed/Size-Specific Formulas (CRADAFAG), Custom & Private-Label Pet Food Manufacturing (AFADAFAO)

Keywords

• Pet care retail
• Pet food products
• Veterinary services
• Pet grooming services
• Omnichannel pet stores

Headquarters

HQ city

Helsinki

HQ country

Finland

HQ region

Europe

Offices8 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Pet Food Products: Sale of pet food products including both branded and private-label products manufactured at the company's own factory. Includes premium, mid-range, and value offerings across dog and cat food categories.
2. Pet Supplies and Non-Food Products: Sale of pet accessories, toys, beds (including RESPLOOT recycled products), grooming supplies, and other non-food pet care products.
3. Pet Care Services: Services including grooming, training, veterinary clinics, and spa services offered at select store locations. Q4 2025 saw expansion to 54 vet clinics and 196 spas across the network.
4. E-commerce/Online Sales: Online sales through brands like Peten Koiratarvike and Vetzoo, representing approximately 22-24% of total net sales. Online channel share increased with ZU acquisition.

Pricing tiers

Go-to-market motion3 records

Distribution channels8 records

Marketing channels7 records

Core offering

Musti Group is the leading Nordic pet care specialist operating an omnichannel business across 7 countries (Finland, Sweden, Norway, Estonia, Latvia, Lithuania, Portugal). The company sells branded and private-label pet food and supplies through 495+ physical retail stores and e-commerce platforms, and provides pet care services including veterinary clinics, grooming, training, and pet spa services.

Product overview

Musti Group is a leading Nordic pet care specialist operating an omnichannel business model across Finland, Sweden, Norway, the Baltic countries (Estonia, Latvia, Lithuania), and Portugal—seven countries total. The portfolio includes retail store brands (Musti ja Mirri, Arken Zoo, Musti Norge, Pet City, ZU), online brands (Peten Koiratarvike), veterinary services (VetZoo, VetZoo Se, ZU clinics), and private label brands (RESPLOOT, Smaak, Feel Active). Services include grooming, training, veterinary clinics, and spa services. The company operates over 470 physical stores combined with e-commerce platforms, and offers innovative services like the Lost Pet Alarm system. Recent acquisitions of Pet City (Baltics, 2024) and ZU (Portugal, 2025) expanded the geographic footprint and added veterinary and spa services to the portfolio.

Differentiator

Problem solved

Functional benefit

Brands

• RESPLOOT: Product brand offering pet beds and toys made from recycled PET bottles
• Feel Active
• Smaak
• Pawcademy
• Pawternity Leave
• Lost Pet Alarm

Products and services

• Musti ja Mirri Flagship Finnish pet retail chain offering a curated assortment of pet products in food and non-food categories along with pet care services for pet parents across Finland.
• Arken Zoo Leading pet retail chain in Sweden operating stores and e-commerce, serving pet parents across Sweden as part of the Musti Group portfolio.
• Musti Norge Norwegian pet retail chain operating stores and e-commerce, serving pet owners in Norway.
• Pet City (Estonia, Latvia, Lithuania) Baltic pet retail chain acquired in 2024, operating pet stores and veterinary clinics across Estonia, Latvia, and Lithuania.
• ZU Portuguese pet retail, veterinary, and spa service operator acquired in December 2025. Operates 65 retail stores including 24 veterinary clinics with FY 2024 turnover of EUR 27.6 million.
• Peten Koiratarvike Finnish online pet supplies retailer offering a wide range of pet products through e-commerce.
• VetZoo Veterinary service brand operating in Norway and Sweden, providing pet care services through clinic locations.
• RESPLOOT Own brand of pet beds and toys made from recycled PET bottles, representing sustainable product development.
• Smaak Premium cat food product line with dry and wet food in new delicious flavors, focused on pet nutrition and wellbeing.
• Feel Active Sustainable outdoor pet products line designed for dogs and their parents, enabling safe and enjoyable outdoor activities in all seasons.
• Pet Grooming and Spa Services Pet wellness and grooming services offered at select store locations across the network, including 196 spa locations after the ZU acquisition.
• Veterinary Clinic Services Veterinary clinic services offered through the network including 54 vet clinics after the ZU acquisition, providing professional pet healthcare.
• Musti Loyalty Club Loyalty club program with over 1.9 million customers, offering targeted communication, special offers, and dedicated online account access to members.
• Pet Food Products (Branded and Private Label) Sale of pet food products including both branded and private-label products manufactured at the company's own factory, covering premium, mid-range, and value offerings across dog and cat food categories.

Quantifiable outcome

• 14.4% net sales growth in FY2025 to EUR 508.9 million
• +4 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• MCRetail SGPS (Sonae Group)coreStrategic or Co-development Partner · 5 December 2025MCRetail SGPS sold ZU ( Produtos e Serviços para Animais, S.A.) to Musti Group. Both MCRetail and Musti are part of the Sonae Group, making this an intra-group transaction. ZU operates 65 retail stores in Portugal including 24 vet clinics.
• Magnum GroupcoreStrategic or Co-development Partner · 7 October 2024Magnum Group sold Pet City OÜ and Pet City Klinika UAB to Musti Group for EUR 18.0 million enterprise value. This acquisition expanded Musti's presence to the Baltic markets (Estonia, Latvia, Lithuania).

Scale indicators21 records

Recent moves8 records

Expansion highlights6 records

Emerging players

• Chewy: US-listed pure-play online pet retailer with growing private-label and pharmacy verticals. Relevant comparable for the online and subscription share of Musti's business, though not a direct geographic competitor.

Broad incumbents

• Petco Health and Wellness: US-listed omnichannel pet retailer offering food, supplies, vet services, grooming, and training. Larger incumbent comparable on integrated pet care retail model; useful benchmark for Musti's services-led growth strategy.
• PetSmart: Largest North American specialty pet retailer with integrated vet hospitals (Banfield), grooming, and training. Larger and more diversified than Musti but operates the same category-leading omnichannel pet care playbook.

Direct peers

• Das Futterhaus: German cooperative specialty pet retail chain operating ~140+ stores in Germany and Austria. Similar franchise-style store model, premium product curation, and integrated grooming services make it a relevant structural peer.
• Tom&Co: Belgian specialty pet retail chain with stores and integrated grooming/vet services. Comparable specialist pet retail model with similar private-label focus and European footprint ambition.
• Maxi Zoo: Banner of Fressnapf Group operating physical pet superstores across multiple European countries including parts of Scandinavia and the Baltics. Closely comparable store-format competitor to Musti ja Mirri, Arken Zoo, and Pet City banners.
• Zooplus: Europe's largest online pet supplies retailer, acquired by Hellman & Friedman in 2024. Competes head-on with Musti's e-commerce brands (Peten Koiratarvike, Vetzoo) and pressures pricing in Nordic online channels.
• Jupiter Group: German specialty pet retail chain operating supermarkets and online channels focused on premium nutrition. Comparable to Musti's curated assortment, own-brand strategy, and integrated service offering.
• Pets at Home: UK-listed omnichannel pet care specialist operating retail stores, veterinary practices (Vets4Pets), and grooming salons with a private-label food range. Closest publicly traded comparable to Musti Group given its integrated store + vet + services model and similar scale (~GBP 1.5bn revenue).
• Fressnapf: Germany-based pan-European pet retail operator (including the Maxi Zoo banner) operating over 1,500 stores across Europe. Directly competes with Musti on multi-country specialist pet retail, omnichannel strategy, and own-brand pet food.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights5 records

Customer concentration

• Xx.com/MustiGroup
• Facebookfacebook.com/mustigroup
• LinkedInlinkedin.com/company/musti-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries3 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Musti Group