Home / Knowledge / News / Textiles / Ikea on track for 50 billion euro sales goal
Ikea on track for 50 billion euro sales goal
09
Jun '16
Swedish home furnishing major Ikea Group expects sales growth of about 8-10 per cent in its current financial year, leaving it on track to reach its revenue target of 50 billion euros ($56.9 billion) in 2020, its top executive said.

"We are on that journey. That means we need to grow 8-10 per cent annually to reach it and that is probably roughly where we'll land this year," Ikea CEO Peter Agnefjall told Reuters.

"We are well on track to realise the plans we have."

Speaking on the sidelines of a design event in the small, southern Swedish town Almhult where Ikea opened its first set up shop, Agnefjall said trends in demand remained similar to last year, with a continued recovery in its biggest market, Europe.

The company reported an 11.5 per cent sales rise to 32.7 billion euros in its previous fiscal year, which runs through the end of August.

Online sales at the home furnishing giant, which last fiscal year totalled about 1 billion euros, were expected to grow around 40 per cent this year, roughly equalling annual growth in the previous three years, Agnefjall said.

In China, a key growth market for Ikea, the company was little affected by a wider economic slowdown, he added.

"There has been talk for three years that China is slowing down. We don't see those signs," he said.

In Russia, where Ikea once expanded rapidly, investments remained on hold, he said. But its India operations are on track with its first store scheduled to open in Hyderabad next year. Ikea is also close to finalising deals to buy land in New Delhi, Bangalore and Mumbai. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

Textiles | On 20th Aug 2017

PetroVietnam, Vinatex discuss reviving PVTEX plant

Discussions are under way between PetroVietnam and textile and...

Courtesy: Mexx

Fashion | On 20th Aug 2017

RNF acquires Mexx fashion brand

RNF, the Dutch sports and fashion holding, has purchased the global...

Textiles | On 20th Aug 2017

Intertextile Shanghai Home Textiles opens on August 23

Intertextile Shanghai Home Textiles, Asia’s leading platform to meet...

Interviews View All

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

August 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
66.7%
No
16.7%
Skip
16.7%

Total Votes: 30

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
43.3%
No
36.7%
Skip
20.0%

Total Votes: 30

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
83.3%
No
6.7%
Skip
10.0%

Total Votes: 30

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
60.0%
No
10.0%
Skip
30.0%

Total Votes: 30


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search