Ikea global CEO Jesper Brodin on how to reinvent yourself when you're the best

Jesper Brodin, the Global CEO of the Swedish multinational conglomerate IKEA, discussed the potential for reinvention, even in the face of the company's accomplishments. He expressed contentment with achieving a 10% market share and contributing to improving homes, while also inspiring others to succeed, stating, "We are extremely pleased."

Brodin said that he doesn't believe in dominance. "I think any sort of dominance leads to arrogance at the end of the day, and we have seen that also within IKEA in some areas in some fields. When we become number one, we stop developing," he said in an interview with CNBC-TV18.

Elaborating on the same, Brodin said, "I have a beautiful story from our founder, many years ago, he and I met with one of our product teams in the Center of Product Development and Design in Sweden and the group we met, they took the risk, knowing him and they told him that we have a problem. And he said, what is the problem? We are the best and they were actually - we had the best sales, we were the best in our industry, we have the best quality, so we're not sure what to do now. And I thought to myself, this is going to be a long day. And in that thought, he said something beautiful, he said, of course, you're the best, but that doesn't mean you're good and then he left."

"That is a remark that stays with me, greatness is not about dominance, it's about being on the way, it's about having the capability. It's the capability of recreating yourself, despite your own successes, so to say," Brodin added.

Reflecting on this journey is the Global CEO of IKEA, a household name renowned for its innovative approach to furniture retail. Despite entering the online arena later than some competitors, IKEA swiftly adapted, as Brodin explained.

He highlighted the rapid preparations undertaken during the COVID-19 pandemic, stating, "We were late in entering the online journey. At the time of the outbreak of the pandemic, we had few countries ready, but we managed in 4-5 weeks to get all of IKEA online prepared."

Brodin emphasised the pandemic's role in accelerating IKEA's digital initiatives, enabling the company to effectively manage both its physical stores and online operations. Notably, he revealed that 87% of IKEA's customers engage with both channels.