Hej from Lars Thorsén, CEO Ikano Group
Reflecting back on 2024, it was once again a rather challenging year for our businesses, but it was also a year of recovery. We saw progress in some areas, and together, our co-workers continued to give it their all driving the change forward – I never cease to be amazed by their commitment and hard work. We still have some time before we’re back on track, and there are always new challenges around the corner, but I hope that we’ve left the worst part behind us now and can start to look forward.
At the end of 2024, we launched our Group strategy for 2025-2027, for the first time fully integrating business goals and sustainability ambitions. It’s a milestone that gives me real hope for the future. With this strong foundation and ambitious goals – we have a clear and purposeful path forward.
We also navigated a significant change this year, saying goodbye to some long-time colleagues as Ikano Bank began a new chapter following its sale to Ingka Group in October. This transition has been in the making for some time, and I’m confident that the Bank, together with Ingka Group, will continue to grow, providing responsible finance solutions to the many people.
At Ikano Bostad, we welcomed Carola Lavén as our new CEO. With her extensive experience in the Swedish real estate sector, she’s already made a great impact. Together with her team, she’s seen encouraging signs of improvement in both the Swedish and Danish markets, with a better-than-expected result for 2024 – perhaps a signal that the worst is behind us. Despite ongoing challenges, Ikano Bostad continues to prioritise social and environmental responsibility, which we believe is key to long-term strength and competitiveness.
Ikano Industry had a tough start to the year when new anti-dumping regulations were introduced, raising the price of a mattress by 37.5 percent overnight. At the same time, mattress sales went down in Europe. But on a more positive note, Industry focused on the things they can impact to move things forward, such stabilising Polish operations and building up a recycling unit in Mexico. All in all, the teams in both Mexico and Poland look to the future with optimism, as they find new ways to adapt and move forward.
For Ikano Insight, 2024 was a year of reflection and organisational change/transformation. While the market was initially slow to respond to CSRD requirements and legislation, things picked up in the final months of the year. During this time, Insight successfully delivered the ESG Optimiser to Ikano Group businesses, and continues to focus on scalable growth, client acquisition, and nurturing a culture of innovation and impact. On top of this, at the end of the year Ikano Insight introduced a new retail and expansion tool – the Area Prioritisation Engine – which shows where untapped value exists in any given market, very exciting prospects indeed.
We ended the year on a high note when Ikano Retail opened its 15th IKEA store – this time in Guadalajara, Mexico. It’s our third store in the country and the first large-format store of its kind. In just the first 11 days, more than 90,000 visitors walked through its doors, and I’m happy to see that it continues to thrive. Guadalajara is a beautiful store and visiting it earlier this year reminded me of how much potential we have as we keep growing in new markets, even when the winds aren’t blowing our way.
To conclude, the world seems to only become increasingly volatile and uncertain; it negatively impacts customer sentiment, and all our businesses are navigating tough trading conditions. But ultimately, it makes Ikano and our businesses stronger and I have no doubt that 2025 will be the year where we are back on track on so many fronts!
Thank you for your commitment and great efforts in 2024.
Kind regards,
Lars