The Quotes are Powered By Forexpros, the Forex, Futures, and Stock Markets Portal.

Disorder and disagreements at Ikea as Kamprad surprised by CEO's expansion plan

Thursday, 24 January 2013
Ingvar Kamprad, the founder of Swedish furniture giant Ikea, is surprise to learn that the company's CEO, Mikael Ohlsson is promising a massive investment expansion which he was not aware of.

This has led to a somewhat disagreement and confusion in the company's top places, according to media reports in which company founder, Ingvar Kamprad, in an interview with tabloid paper, Expressen questioned the massive investment promised by its boss, Mikael Ohlsson

In an interview with the Swedish business daily, Dagens Industri earlier this week, the company's CEO Mikael Ohlsson, said that Ikea plans to open 25 new super shops per year. This will be a doubling of the previous expansion plan and this comes at a time when Ikea continues to perform well and where profits are at record high with turnover of Skr240 billion, and 4 percent increase in profits to Skr34 billion in the last fiscal year.

Mikael Ohlsson revealed also that Ikea will double its turnover to Skr480 billion by 2020. This will be achieved by expanding the stores creation rates sharply from today's approximately 10 new stores per year to 25.

But Ikea's founder, owner, and now Advisor to the Board, Ingvar Kamprad, 86, is showing that he has a different opinion. He was confused when he heard of the expansion plans.

Ingvar Kamprad said that he learned of the story from the media via his secretary and got confirmation from the group employees. According to media reports, Ingvar Kamprad did not know of Ikea's plans to build a new Ikea stores at Globen in Stockholm, one of the projects that was announced by the CEO.
"I have no idea that there should be an Ikea department store on Södermalm in Stockholm, I have not heard about, "he told Expressen.

"However, I have heard that Ikano (bank) has plans to build a bloody mass housing in Stockholm."
By Scancomark.com Team

We welcome your contribution. Did you find anything wrong with this article? Do you want to contribute to our news network? Do have a news tip or assist us with a correction