Swedish retailer and furniture producer IKEA Group has acquired its local franchise from a group of investors, the company has announced. The local franchise has been running an IKEA store for the last three years. It was held by Moaro Trading, which has sold the store’s operating rights and franchise. Moaro Trading had obtained the franchise rights from Inter IKEA Systems BV, the global IKEA franchiser.
The acquisition was in line with IKEA Group’s future expansion plans in South Eastern Europe. The group includes all IKEA operations: the Swedwood industrial group, distribution and warehousing divisions and the companies that own stores in countries around the globe. IKEA has 301 shops in 37 countries, of which 268 belong to the IKEA Group, the franchise holder. The remaining stores are owned and run by other franchisees.
Last year the group posted a turnover of EUR 22.7 billion worldwide and had a 301-store chain across the world. All the furniture shops operate under a franchise from Inter IKEA Systems BV, according to the group.
Moaro Trading, which opened the first IKEA store in Romania in 2007 after a EUR 10 million investment, was controlled by Dutch consortia Engma, Turkmall and Inter IKEA Systems. The local media named Romanian investor Gabriel Popoviciu as main investor in the Swedish furniture firm’s business in Romania. Popoviciu has invested in the Baneasa real estate project in north Bucharest, which includes the IKEA store in its retail area.