Ikea plans to double the pace of store openings until 2020 as the flat-pack furniture retailer expands in an investment drive of up to €20 billion.

The Swedish group, founded in 1943, could increase in size by about 50 per cent by the end of the decade, with plans to open 20-25 stores a year as it seeks to grow in emerging markets such as China and India, as well as countries where it has a relatively small presence, such as the US.

Last year it opened seven stores. Ikea said each store needed an investment of €60 million to €100 million and created 300-500 jobs.

The retailer announced on Monday that it would change chief executives next year, with Mikael Ohlsson to be replaced next September by Peter Agnefjäll, the head of Ikea in Sweden. – Copyright The Financial Times Limited 2102