STOCKHOLM — Swedish furniture giant IKEA is looking to expand its footprint in the U.S. as well as emerging markets in China, Russia and India, according to the Wall Street Journal.
Store openings are expected to double by 2020 with a significant investment nearing $2 - $3 billion a year to increase production in the U.S. and to add strategic suppliers, IKEA CEO Mikael Ohlsson told the Journal.
The company will continue to focus on emerging markets, China in particular, which has seen tremendous expansion, by opening approximately three stores a year, according to Reuters.
This aggressive expansion plan and investment comes at a time when IKEA will also see a change in leadership. The Journal reported Ohlsson plans to step down next year, succeeded by Peter Angfjall who is currently serving as country manager of IKEA Sweden. Also, IKEA founder Ingvar Kamprad plans to increase the profile of his three sons, Jonas Kamprad, Peter Kamprad and Mathias Kamprad, in the company by giving them “more active ownership roles,” IKEA spokesperson Per Heggenes told the paper.
IKEA is owned by Inter IKEA Systems B.V., which is located in Delft, Netherlands, and it has approximately 300 stores in 40 countries.
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