Ikea forms new retail company

The Ikea group is forming a new global shopping center company called Ikea Centres after acquiring the last 51 percent of stocks in the Inter Ikea Centre Group.

The vendor was Inter Ikea, which among other things owns the Ikea label, Swedish financial newspaper Dagens Industri reported on Monday.

"The business idea is to build leading retail outlets in connection to Ikea stores," said Ikea Centres CEO John Tegner, who was previously the CEO of IICG.

Ikea Centres consists of a total of 45 shopping centers in Europe, China and Russia and currently a new investment program is underway which will involve building 20 new shopping centers.