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

Chinese firm sets up textile-garment chain in Vietnam

Apparel/Garments | On 13th Dec 2017

Chinese firm sets up textile-garment chain in Vietnam

Worldon Vietnam Co. Ltd under the Chinese Shenzhou Group is likely to ...

Courtesy: SATO Global Solutions

Information Technology | On 13th Dec 2017

Sensor networks improve inventory management

Sensor networks like radio frequency identification (RFID) and smart...

CMAI hails review of FTP as 'progressive package'

Apparel/Garments | On 13th Dec 2017

CMAI hails review of FTP as 'progressive package'

The Clothing Manufacturers' Association of India (CMAI) has hailed...

Interviews View All

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Headhonchos
Indian fashion industry

Cotton consumption will keep growing in the Indian fashion industry

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Mark Paterson
Technical Absorbents Ltd

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

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

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

December 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
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

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
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

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
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

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
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


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