Hej from Lars, CEO of Ikano Group

Another challenging year goes in the books, with shifting realities in the trail of the pandemic. Thanks to the enormous commitment of our co-workers, we have overcome many obstacles and we can feel hopeful by what we accomplished in 2021.

In 2021, our Ikano Retail destinations faced long closures, and also product shortages caused by the global logistics crisis. In spite of this, Ikano shopping centres were among the best performing on our markets. Adding to the good news, we celebrated three IKEA store grand openings, first in Mexico, then Singapore and finally in the Philippines – which in fact, is the biggest IKEA store in the world!

Other news was Ingka’s 49% acquisition of Ikano Bank, boosting our power to expand to new IKEA markets and accelerate the bank’s digital transformation. We saw the successful launch of the new Ikano pay app in the UK, the first of several digital loan products in the pipeline. As of 2021, we once again offer mortgages through our part-ownership in the fintech mortgage institute Borgo AB. The bank continued to use their strong financial position to make acquisitions, as they wrapped up the year purchasing Basis Bank’s loan portfolio in Denmark worth approximately EUR 268 million.

Ikano Industry kept busy on two separate continents. In Poland, the team mitigated global material price increases, availability issues and lack of orders due to temporary IKEA store closures, all while maintaining a steady hand in the production. In Mexico, the team ramped up the new factory in Saltillo and prepped for the entry into upholstery, to complement the successful mattress production. The investment into RetourMatras to recycle post-consumer mattresses continues to materialise.

For Ikano Insurance it has been business as usual, with the professional management of claims related to natural disasters and other situations that are everything but ordinary. Ikano insurance continues to introduce its HEMSÄKER home insurance to more IKEA markets across the globe.

Ikano Insight onboarded Teresa Booth as new CEO, leading the expansion and serving customers within the Ikano Group and IKEA. They now operate out of two hubs, located in London and Kuala Lumpur.

As a Group, much of our work centred on our Ikano Group sustainability strategy 2022-2025. Through three live-streamed Ikano Future events, we laid the groundwork with KPIs and detailed action plans to the set the course towards a better and more sustainable future together.

“Ikano Group ended the year on a high note with a strong operating result and a fantastic performance by all businesses. Once again, a big thank you to all our co-workers for your tremendous efforts during 2021.”

Lars Thorsén CEO of Ikano Group