British DIY group Kingfisher has major plans to boost its profit over the next 5 years. It will invest 800 million pounds (1.05 billion euro) to bring all of its brands together under one roof.
The ‘One Kingfisher’ plan is intended to boost Kingfisher's pre-tax profit by another 500 million pounds (658 million euro) by 2021, while it also wants to buy back 600 million pounds' worth of shares (790 million euro) over the next three years.
The new plan is part of the strategy laid out by the company's new management, led by CEO Véronique Laury, who took control about a year ago. She has to streamline the company to counter the receding turnover in the United Kingdom and France. In that regard, she already sold off the company's Chinese assets and she will also shut down 15 % of B&Q's stores by 2016/2017.
The new strategy should bring all store chains together in one single brand, improve efficiency and increase the company's focus on its online activities. All in all, the strategy will cost slightly more than 1 billion euro.