House Market Bulgaria SPJSC - Sofia - Short Company profile

In 2023, furniture worth $556 million was produced in Bulgaria, which is a 5% decrease compared to previous years - in 2022, production was estimated at $585 million, and for 2021 it was almost $600 million, commented on Prof. Vasil Zhivkov, Chairman of the Bulgarian Chamber of Woodworking and Furniture Industry. However, in 2023, a decrease of about $9 million was reported compared to 2022, when consumption in the country was $465 million. A significant part of the purchases go through the ten largest furniture chains in the country, which in 2023 have a total turnover exceeding BGN 1.331 billion (6.89% growth compared to 2022). With over BGN 612.4 million sales in 2023 "JSK Bulgaria", which manages JYSK stores (JSK), for another year occupies the top spot in the ranking that ranks chains by revenue. In reality, however, 172 million BGN of them are from sales in the country, and the rest are to neighboring countries from the logistics center in Bozhurishte. JYSK entered Bulgaria in 2005, when it opened its first store in Plovdiv. Today, the chain has 55 stores in the country, an online platform, a distribution center in Bozhurishte and 769 employees. For the calendar year 2023, the company reported over 9% sales growth. But in the financial year 2023/2024, which began on September 1, 2023 and ended on August 31, 2024, there was a slight decline (0.5%). Then the turnover of "JSK Bulgaria" reached 598 million BGN, and the profit before interest and taxes (EBIT) - 34.6 million. BGN, or a 14.1% jump. And the results for the financial year 2023/2024 include retail trade in company stores, as well as deliveries through the distribution center in "Bozhurishte" to neighboring markets (Romania, Greece, Serbia, Bosnia and Herzegovina, Turkey), the Bulgarian company specifies. In 2024, JYSK opened four new stores in Bulgaria - in Karlovo, Elin Pelin, Ravda and Velingrad, and renovated four older sites. In second place in the top 10 is again the Bulgarian "Veleya Global", behind which stand the well-known "Mebeli Videnov". The group reports over 245.3 million BGN in revenue (6.76% growth) and a 2.6 million BGN loss in 2023. The family company was founded by Dancho Videnov. The group owns "Videnov Industries" (furniture production), "Videnov Furniture" (furniture trade, with revenues of 238 million leva), as well as several overseas subsidiaries. In addition to Bulgaria, the company operates in North Macedonia, Greece, Romania, Hungary, Albania, Moldova. In Bulgaria, it sells in 47 stores under the "Videnov Furniture" brand, and abroad - under the name Vellea Home. "House Market Bulgaria" - the Greek company that manages the franchise stores of the Swedish chain IKEA (IKEA) in the country, is again in third position in the ranking with over 163 million leva in revenue in 2023 (8.1% growth). The company reports an increase in sales in the catalog year 2024 (from September 1, 2023 to August 31, 2024), which reach 164 million leva, or 6% growth. Online turnover is also growing - by 14%. "Over the past twelve months, we have significantly reduced prices and in September 2024, we implemented the fourth consecutive reduction on a number of products. A novelty for the Bulgarian company will be the retail outlet in Pernik, which should be operational in the first quarter of this year. It will be located in the Pernik Plaza retail park on an area of ??500 sq m and will specialize in the design and ordering of kitchen, wardrobe and bathroom solutions. Meanwhile, Inter IKEA Group has announced an investment plan for Greece, where in cooperation with Fourlis Group it will build a modern international distribution center on an area of ??50 thousand square meters. It will be built in Aspropyrgos, Attica, and will be supplied from the port of Piraeus. The investment in Aspropyrgos is for approximately 70 million euros and will serve IKEA stores in Greece, Bulgaria, Jordan, Israel and Cyprus. With revenues for 2023 exceeding 135.3 million BGN, "Aiko Multi Concept" (Aiko) ranks 4th in the ranking. This is the company in the top 10, which reports the largest profit for 2023 - over 19 million BGN, and is in second place in terms of profitability in the ranking. Since 2015, the majority stake in Aiko has been owned by the world's second largest furniture group - the Austrian XXXLutz, which also bought the Mobbo chain, and the founder of both brands - Marian Dushkov, remained as a partner. A year after the purchase, Mobbo changed its concept and name to M?max ("Ì¸ìàêñ"). "Ì¸ìàêñ Bulgaria" also participates in the ranking and with revenues over 43.8 million BGN takes 5th place. In 2024, the group opened two new stores in Plovdiv - Aiko XXXL and M?max. "The total investment is over 45 million leva and it has opened nearly 100 new jobs. The building is 21 thousand sq m in size, and the net sales area is 12 thousand sq m for Aiko and over 3,000 for M?max. 230 parking spaces are also planned," commented Elitsa Dushkova-Tsenova, online marketing manager of Aiko XXXL & M?max. In 2024, the company is also investing in an expansion of the Aiko store on the capital's "Europe" Boulevard, as well as in an expansion of the company's central warehouse in "Bozhurishte". The group already manages six Aiko and six M?max stores in Bulgaria. Online sales are also growing. Plans for 2025-2026 include the opening of new Aiko and M?max stores in Sofia, a new M?max in Pleven, the reconstruction of M?max on "Skopje" Blvd. in Sofia and in Stara Zagora, as well as the construction of photovoltaics for company purposes. In sixth place in the top 10 is the Sofia company "Prima Group 2004", in which Anatoly and Vladimir Lazarov and Magdalina Petrova Markova are partners. The company produces LED lighting under the OPTONICA brand and trades in LED products. In 2023, it reported a 1.89% drop in net revenues, which reached 42.7 million leva, and 393 thousand leva profit. In 2011, "Prima Group 2004" registered Optonica LED on the Bulgarian market. Under this brand, the company produces LED lighting in China, using components from major global manufacturers. It sells wholesale through numerous distributors in all EU countries, the Middle East and some countries in Asia and Africa. A single-digit decline in revenue was also noted by "Interior-I" (7th position). The company's sales in 2023 exceeded 36 million leva, and profit - 7 million leva. This is the company with the highest profitability in the top 10. "Interior-I" sells countertops, panels, fittings, edges, mechanisms and other materials for furniture. It was founded in 1990, has retail outlets in 10 cities in the country, and its production is in the villages of Negovan and Kostino. It is owned by Vladimir Dimitrov Dimitrov and Kalina Nikolova Dimitrova. Revenues of 22.8 million leva place the online furniture store "Mebelmag" in 8th place in the ranking. The platform works directly with Bulgarian manufacturers, has its own logistics network and offers free delivery. It also has a physical store in Sofia. This is the company with the highest revenue growth in 2023 - 14.45%, and third in profitability in the top 10. The sole owner is Dimitar Vichev Dimitrov. "Mebelni kashti Ralitsa" (9) reported 5.16% higher net sales, exceeding 15 million leva, and a 60% jump in profit (284 thousand leva) in 2023. The chain was founded in 1994. It is owned by Krasimir Todorov Uzunov and "Interservice Uzunov", in which his wife and daughter also have shares. The company is an importer and distributor of furniture for the home, villa, garden and office and is one of the major suppliers of complex furnishing for residential and holiday properties, hotels and restaurants. Official and exclusive representative of a number of global furniture brands. The ranking is completed by "Zona Dom" - the company that manages the ZONA for Home furniture chain, which is now called Nani Home. The company reports a more than 25% drop in revenue and declining profit in 2023. It is owned by "Euro Parallel" and "Parallel", with the majority stake held by Yordan Hristov Kovachev. Yordan Kovachev is also the owner of "Parallel" - Sevlievo, which is among the largest companies in the furniture industry, a supplier to IKEA, and a manufacturer of sofas and mattresses under the NANI brand. According to the activity report, the reported decrease in sales of "Zona Dom" is a result of the transfer of part of the commercial activity to "Parallel".