Swedish fashion giant H&M plans to open a first Belgian concept store for its H&M Home collection in Ghent. The brand has proven popular in Sweden, Norway, Germany and the Netherlands, according to H&M, which is why the chain wishes to move the brand to Belgium as well.
H&M Home on its way to Belgium
Ikea will be cutting 150 jobs, some of them in the Belgian and Dutch branches as well. The plan is part of a major reorganisation effort to help prepare the furniture giant for the growing competition of large e-commerce players.
Dutch mattresses group Beter Bed Holding saw its first quarter turnover drop 4 % compared to last year. Turnover went down in Germany, where a poison scandal forced results down by 12 %, but Switzerland and Spain performed even worse.
Danish Jysk will open another eleven stores in Belgium in 2018, bringing its total to seventeen. The Danish counterpart to Ikea aims to have about 100 stores in Belgium at some point.
Carpetright, caught in a downward spiral in the past year, will shut down a fifth of its stores in Great Britain in order to remain afloat. 300 people will subsequently lose their job.
Ikea is fully focused on becoming a global presence in urban centers. The furniture chain is currently looking for locations in Paris, Copenhagen, London and Southeast Asia to attract broader audiences with smaller stores.
In the past six years, Ikea unlawfully deducted about one billion euro from its taxes according to the European Commission’s preliminary findings. The EC launched an investigation into the Swedish company’s deal with the Dutch treasury.