IKEA Abandons Plans To Double Sales By 2020; Looks To Germany

Furniture and homeware giant IKEA has said it has abandoned its plans to double sales between 2012 and 2020 to €50 billion, stating that the level of growth anticipated was ‘unrealistic’ given the global economic slowdown. “Our goal has so far proved to be too aggressive,” said Goeran Grosskopf, chairman of parent company, Ingka Holding. “Sales haven’t developed as fast as we thought. The main reason is that the world economy hasn’t evolved as strongly as we expected. Especially the development in southern Europe is very far from what we thought.” The statement comes after founder Ingvar Kamprad said last…