The year 2022 will have put the Ikea model to the test.
Between September 2021 and August 2022, Ingka Group, the holding company which owns 90% of stores under the Ikea brand in the world, saw its profit melt to 287 million euros, against 1.5 billion the previous year.
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All of its businesses were affected by the economic situation.
In addition to its distribution business, Igka owns 45 shopping centers around the world, some of which are based in Russia, and makes financial investments.
These have weighed heavily on its results.
The decline in net profit
“is not linked to our daily activities in the distribution sector
, assures the group.
Rising interest rates reduced the value of our bond portfolio.
Our net result was also impacted by our withdrawal from Russia.
»
Before the war in Ukraine, 4% to 5% of Ingka's turnover was made in Russia.
But the band gradually stopped there most…
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