It’s a bit of a side note for the investment case, but as I understand it, Röko has another Finnish connection, and of course, through student caps 
Röko’s subsidiary AJAT Group apparently includes C. L. Seifert Finland Oy, which in turn acquired the Fredrikson brand, familiar to many, in 2024.
It seems there’s currently an attempt to introduce a culture to Finland where student caps would be more customized, and some extra (and expensive) frills would be ordered along with them This is apparently already quite common in Sweden and Denmark, for example
Such a germ of organic growth on this front in Röko’s B2C segment The margin also improves if you can sell sparkling velvet or some pin for an additional price with the cap