Inter IKEA Group Acquires The IKEA Retail Business In The Baltics

Inter IKEA Group¹ has signed a share and purchase agreement with the owner of IKEA Baltics, to acquire the IKEA retail operations in Estonia, Latvia and Lithuania.

The purchase includes three full size IKEA stores; five additional smaller customer meeting points, e-commerce and the Digital Retail Development company. The transaction is expected to be completed by the end of calendar year 2024, subject to regulatory approvals.

“This is a very exciting step for IKEA! The IKEA retail operations in the Baltics are strong, with well performing IKEA customer meeting points, good market shares and with a very competent workforce. Through this acquisition we are connecting the whole IKEA value chain in the Baltics. This will make us better positioned to learn and further develop the IKEA concept, and with that create value for IKEA customers everywhere”, says Jon Abrahamsson Ring, CEO of Inter IKEA Group.

Today the IKEA retail operations in the Baltics employ 1,450 co-workers and there were 6.6 million visitors in the IKEA stores in 2023.

“After opening the first IKEA store in the Baltics in Vilnius, Lithuania in 2013, our Baltic operation has expanded into three full size stores in each of the Baltic countries and five other customer meeting points. After over 12 successful years we are delighted to hand the operations over to our long-time business partner, Inter IKEA Systems B.V. There are exciting times ahead with numerous opportunities to grow and strengthen the IKEA brand in the Baltics. At this juncture, we want to thank our outstanding co-workers for their valuable contribution and dedication during our Baltic journey. We wish the new owner success and continued prosperity in the Baltics," says Sigurður Gísli Pálmason, Chairman of Hof ehf, owner of the IKEA Baltics.

Inter IKEA Group already owns purchasing, logistics and production operations in the Baltics, employing around 700 IKEA co-workers.

In addition, the Inter IKEA Group owns and operates the IKEA store in Delft, the Netherlands. All other IKEA retail operations are owned and operated by 12 IKEA franchisee groups. The sellers will continue to own and operate IKEA Iceland.

“I would like to sincerely thank our franchisee in the Baltics for the fruitful cooperation and for being part of taking good care of the IKEA brand in this region!", says Jon Abrahamsson Ring.                                           

1 Acquisition will be made by Inter IKEA Retail Holding B.V., a subsidiary of Inter IKEA Systems B.V.

About Inter IKEA Group
Inter IKEA Group includes Inter IKEA Systems B.V., the world-wide IKEA franchisor and owner of the IKEA Brand; IKEA of Sweden AB; IKEA Supply AG and related businesses. Inter IKEA Holding B.V. is the holding company for Inter IKEA Group.

About the IKEA franchise system
The IKEA retail business is operated through a franchise system with franchisees that are authorised to market and sell the IKEA product range within specified geographical territories. Inter IKEA Systems B.V. is the owner of the IKEA Concept and worldwide IKEA franchisor, who also assigns different IKEA companies to develop the range, supply products and deliver communication solutions. Today, 12 different groups of companies own and operate IKEA sales channels under franchise agreements with Inter IKEA Systems B.V.

About Hof ehf.
Hof started the IKEA operations in Iceland in 1982 and expanded into the Baltics in 2013 through the opening of IKEA Vilnius in 2013.

Source : Ingka Group

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