Romanian businessman Puiu Popoviciu, who opened in 2007 the IKEA store in northern Bucharest, operating it via a franchise, sold it back to IKEA proper, for 25 million Euro.
Popoviciu's investment for the 26,000 sqm store stayed at 25 million Euro, while the first year sales reached 70 million Euro, or double the initial estimates.
The management of IKEA Romania confirmed the news, with retail manager Cornel Oprisan stating that "we are confident that the IKEA Group will help us continue implementing the IKEA concept on the domestic market, which aims at offering quality furniture and home accessories, with appealing designs and affordable prices to as many customers as possible," he said.
The IKEA franchise was operated locally by Moaro Trading company. Its shareholders are the companies Engma Beheer (75,7%), Turkmall Retail BV (24,25%) and Inter Ikea Systems BV (0,05%), according to the Romanian Registru of Commerce. All entities are registered in The Netherlands.
Inter Ikea Systems BV is the company which ownes the IKEA concept and grants the franchise contracts.
Translated by AAP