Latest news with #JesperBrodin
Hans India
17 hours ago
- Business
- Hans India
Retail major IKEA to double down on India market in 12-18 months
New Delhi: Multinational conglomerate IKEA plans to double the number of its stores and customer touchpoints across the nation over the next 12 to 18 months, according to Jesper Brodin, CEO of Ingka Group, which owns IKEA globally. The expansion will include both large-format stores and smaller outlets in malls and city centres. According to Brodin, the company is committed to rapid expansion in India and plans to increase local sourcing from its current 30 per cent to 50 per cent by 2030 as part of its long-term strategy. Additionally, he disclosed that plans to open 5–6 new touchpoints in India every year over the next five years. IKEA intends to double the number of its stores and customer service centres nationwide. IKEA has big plans for the Delhi NCR area as part of its retail expansion, with big stores opening in Noida and Gurgaon. Two additional large stores are also planned for South India, though the precise locations have not yet been disclosed. IKEA currently runs three sizable stores in Bengaluru, Navi Mumbai, and Hyderabad. The company has already invested Rs 10,500 crore in India and has ventured into online retail, providing 24-hour delivery services in a few locations. Regarding sourcing, IKEA has 45 Indian suppliers, mostly in the textile and toy industries. The company's products are well-known throughout the world for their modern design, affordability, and usefulness. The Swedish firm anticipates India to be its fastest-growing market over the next 20 years, with a particular emphasis on customer experience, product range, and expansion. In order to reach a larger consumer base, IKEA's growth strategy consists of a combination of large-format stores, smaller city centre outlets, and an online presence. Since its 1943 founding in Sweden, IKEA has expanded to become a major player in the home furnishings industry, operating more than 400 stores across multiple nations.
Times of Oman
19 hours ago
- Business
- Times of Oman
IKEA to increase local sourcing from India to 50% by 2030
Almhult: Jesper Brodin, CEO of Ingka Group, announced that IKEA, which is part of the Group, will significantly expand its presence in India, aiming to increase local sourcing from the current 30 per cent to 50 per cent by 2030 as part of its long-term strategy. The company plans to open 5-6 new touchpoints every year for the next five years, the Ingka Group CEO said. Ingka Group controls 90 per cent of IKEA's retail business, as per the company. These will include large-format stores, as well as smaller outlets located in malls and city centres, Brodin added. He said the company plans to double its number of stores and customer touchpoints in the country over the next 12 to 18 months. According to the Ingka Group CEO, major expansion is planned in Delhi NCR, with upcoming large-format stores in Noida and Gurgaon. Additionally, two more big stores are set to open in South India, though exact locations were not disclosed. Speaking to the media, Brodin said, "We are actually redesigned to take it step by step in India, where the first opening back in 2018, I think it was, and then we learned a lot and adjusted for our second opening, which was moved by right. And then we continue step by step in the coming 12 to 24 months. We, basically, will have the opportunity to double our capacity in India." "Whether it's fast or slow.... the most important for us is not to be fast but to do it really good real estate prices, which is now, he converted. I think first India requires a lot of capital like to take this step to improve that. It actually gives us Financial as well, obviously in the big cities of India. The real estate prices are fairly high if you go back 20 years or 40 years, of course. It's a different board game, but this is what we are quite used to in other parts of the world as well when we look at the Investments," Brodin added. IKEA currently operates three large stores in Hyderabad, Navi Mumbai, and Bengaluru. The company has invested Rs 10,500 crore in India so far. It has also ventured into online retail, offering 24-hour delivery services in select areas to improve customer accessibility. On the sourcing front, IKEA currently works with 45 Indian suppliers, mainly for textiles and toys. Brodin added that while IKEA is currently operating around five to six stores in India, the company plans to accelerate its rollout after reaching the 10-12 store mark, indicating a faster pace of expansion in the coming years. IKEA is a multinational conglomerate that designs and sells ready-to-assemble furniture, home goods, and related services. It's known for its affordable, well-designed products, and its unique business model that often involves customers assembling their own furniture. Founded in Sweden in 1943, IKEA has grown into a global leader in home furnishing with over 400 stores in numerous countries.
News18
2 days ago
- Business
- News18
IKEA to increase local sourcing from India to 50% by 2030
Agency: Almhult [Sweden] August 19 (ANI): Jesper Brodin, CEO of Ingka Group, announced that IKEA, which is part of the Group, will significantly expand its presence in India, aiming to increase local sourcing from the current 30 per cent to 50 per cent by 2030 as part of its long-term company plans to open 5-6 new touchpoints every year for the next five years, the Ingka Group CEO said. Ingka Group controls 90 per cent of IKEA's retail business, as per the company. These will include large-format stores, as well as smaller outlets located in malls and city centres, Brodin added. He said the company plans to double its number of stores and customer touchpoints in the country over the next 12 to 18 months. According to the Ingka Group CEO, major expansion is planned in Delhi NCR, with upcoming large-format stores in Noida and Gurgaon. Additionally, two more big stores are set to open in South India, though exact locations were not disclosed. Speaking to the media, Brodin said, 'We are actually redesigned to take it step by step in India, where the first opening back in 2018, I think it was, and then we learned a lot and adjusted for our second opening, which was moved by right. And then we continue step by step in the coming 12 to 24 months. We, basically, will have the opportunity to double our capacity in India."'Whether it's fast or slow…. the most important for us is not to be fast but to do it really good real estate prices, which is now, he converted. I think first India requires a lot of capital investment…We like to take this step to improve that. It actually gives us Financial as well, obviously in the big cities of India. The real estate prices are fairly high if you go back 20 years or 40 years, of course. It's a different board game, but this is what we are quite used to in other parts of the world as well when we look at the Investments," Brodin currently operates three large stores in Hyderabad, Navi Mumbai, and Bengaluru. The company has invested Rs 10,500 crore in India so far. It has also ventured into online retail, offering 24-hour delivery services in select areas to improve customer accessibility. On the sourcing front, IKEA currently works with 45 Indian suppliers, mainly for textiles and toys. Brodin added that while IKEA is currently operating around five to six stores in India, the company plans to accelerate its rollout after reaching the 10-12 store mark, indicating a faster pace of expansion in the coming years. IKEA is a multinational conglomerate that designs and sells ready-to-assemble furniture, home goods, and related services. It's known for its affordable, well-designed products, and its unique business model that often involves customers assembling their own in Sweden in 1943, IKEA has grown into a global leader in home furnishing with over 400 stores in numerous countries. (ANI) view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy. Loading comments...
Yahoo
5 days ago
- Business
- Yahoo
Ikea's incoming CEO started his career as a store manager—he recalls working at 5 a.m. in the loading area and eating hotdogs with the founder
Juvencio Maeztu will become Ikea's new CEO this November after climbing the company's corporate ladder for 25 years. The current deputy chief and CFO started off as a store manager in Spain in 2001. While Gen Z hopes to make it to the top by job-hopping across companies, Maeztu has proved staying loyal pays off in the long-run. Outgoing Ikea boss Jesper Brodin and Walmart leader Doug McMillon also spent decades of their lives working their way up to the top spot. Staying loyal to one company for decades feels like a career strategy of the past—but it's paid off for Ikea's incoming CEO Juvencio Maeztu, who stuck with the company for 25 years. He started off as a store manager in his early 30s—and has slowly worked his way up to the coveted throne of the global retail titan. 'I feel deeply grateful, humble and responsible for the trust and confidence placed in me. Working with [outgoing CEO] Jesper Brodin for the past seven years has been a true privilege,' Maeztu wrote in a recent LinkedIn post. 'The future excites me. We have a strong foundation, a clear direction, and nearly 170,000 amazing colleagues around the world.' This November Maeztu will ascend to Ikea's helm, joining an exclusive cohort of leaders who stuck it out and scaled the ranks of their businesses to the CEO spot. And it includes the Ikea CEO he's replacing, Brodin, who has served 30 years at the company and worked his way up from being his boss' assistant. Walmart leader Doug McMillon similarly dedicated 30 years of his life rising from a warehouse worker to the most powerful job at the $765 billion business. Just like Brodin and McMillon, Maeztu's start at the furniture giant that reeled in $52.6 billion in total sales last year was far from glamorous. However, in those moments on the shop floor, he often got to rub shoulders with the late Ikea founder Ingvar Kamprad. 'I have been dozens of times with Ingvar on the shop floor starting at five in the morning in the loading area and finishing at 10 in the evening with a hot dog,' Maeztu told the Financial Times. 'The important thing is that we all carry Ingvar's spirit, and this I feel very loyal to.' After staying committed for a decade, he finally reached the C-suite in 2012—and in just a few short months, he will have summited the company's corporate hierarchy. Fortune reached out to Ikea for comment. Maeztu's career trajectory: climbing the ranks from store manager to CEO From his 25 years of service at Ikea, Maeztu knows the ins-and-outs of the brand that will be essential in helping him lead the retail giant. The 57-year-old Ikea devotee is the first non-Swede to lead the European retail giant—a leadership leap that showcases that Maeztu is the right fit to helm the company. He earned the top spot due to his 'purpose-driven, entrepreneurial leadership' and extensive store experience—garnered through decades of leading Ikea's international locations, the business says. Maeztu started off as the manager of the Alcorcon store in Madrid in 2001, also directing the Ikea Sevilla location in 2003. While his salary in the role isn't widely reported, store managers in Spain generally make around €22,000 to €35,000 (about $25,000 to $40,000) annually, according to an analysis from Glassdoor. Maeztu then transitioned into a more administrative role as the country HR manager for both Spain and Portugal—a position that was close to home, as the incoming CEO was raised in the Spanish city of Cádiz. After a brief stint in leading those workforces, he switched back to a managerial position for London's flagship Wembley store in 2009. Just a few short years later, he would finally break into the C-suite. Maeztu has been shadowing Ikea's current CEO Jesper Brodin for 7 years In 2012, Maeztu became the CEO of Ikea India, leading the establishment of operations in the country for six years. At this point, he had worked across four countries and two continents, building a name for himself as a diversified leader. Then, the next big break came when he became deputy CEO and CFO of Ikea and its franchisee holding company: Ingka Group. For the past seven years, he's worked alongside 56-year-old Brodin in navigating the affordable furniture chain through the storms of COVID-19 lockdown and rising international tensions. 'We've been riding through quite some storms together—pandemic, geopolitical issues, war, etcetera,' Brodin told Reuters. 'So in a way I feel proud of the things we have achieved but also super confident that the Ikea house is in good order and we'll be able to take off for the future with Juvencio.' Maeztu will now become Ingka's chief executive, leading around 500 Ikea stores across 31 countries—encompassing about 80% of the retail brand. To prepare for the position, he's setting out on a 'listening tour' of its large locations around the world, starting off in Asia. His success story is one for the books, and his next feat will be helping turn around the company's weaker net profit and revenue from last year. 'I am fully determined to make Ikea grow and to really be relevant for many millions more consumers around the world,' Maeztu told Reuters. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Fast Company
13-08-2025
- Business
- Fast Company
Ikea retailer Ingka Group announces first non-Swede CEO
DESIGN Spaniard Juvencio Maeztu will succeed Jesper Brodin as CEO of Ingka Group. FILE PHOTO: Deputy CEO and CFO of Ingka Group Juvencio Maeztu, visits an IKEA store in London, Britain November 28, 2023. [Photo: Maja Smiejkowska/File Photo/REUTERS] BY The world's biggest retailer of IKEA furniture said on Wednesday CEO Jesper Brodin was stepping down after eight years, to be succeeded by Spaniard Juvencio Maeztu, the first non-Swede to lead the group. Maeztu takes the top job at Ingka Group as the Swedish retailer grapples with U.S. tariffs, wars and geopolitical tensions that risk disrupting its operations spanning 31 countries from Europe to China, India and the United States. Brodin, CEO since 2017, said his decision to step down was not easy, but that it was the right time to do so. Maeztu is to start in the new role by November 5, with Brodin staying at the company until the end of February to ease the transition. Deputy CEO and chief financial officer since 2018, Maeztu, 57, started at IKEA in 2001 as manager of the Alcorcon store in Madrid, later managing the Wembley store in London, before a six-year stint as CEO of IKEA India. 'We've been riding through quite some storms together — pandemic, geopolitical issues, war, etcetera,' Brodin, 56, told Reuters. 'So in a way I feel proud of the things we have achieved but also super confident that the IKEA house is in good order and we'll be able to take off for the future with Juvencio.' Under Brodin, Ingka Group invested heavily to improve online shopping for IKEA, driving the retailer's online sales up. Ingka also set new emissions reduction targets and reported in January that emissions fell by 30.1% from its 2016 baseline. Brodin said the appointment of Maeztu, who grew up in Cadiz and does not speak Swedish, shows IKEA's global culture works. The incoming CEO is setting off on a 'listening tour' of its big blue stores around the world, starting in Asia, as he builds his strategy to grow the company which last year reported weaker net profit and revenue after slashing prices. 'I am fully determined to make IKEA grow and to really be relevant for many millions more consumers around the world,' Maeztu told Reuters. He has said tariffs make it harder for IKEA to keep prices low. Privately-held Ingka Group will report sales figures in mid-October for its financial year ending August 31. As the biggest franchisee, Ingka sells IKEA products manufactured by brand owner and franchiser Inter IKEA. —Helen Reid, Reuters
