Inter IKEA Systems, every mention

IKEA (Audio) · Acquired Nov 18, 2024 · 14 mentions

• ▶ 1:44:05 David Rosenthal And then you have the mental company, the brand company, which is Inter IKEA Systems.
• ▶ 1:44:11 David Rosenthal And Inter owns the IKEA brand, the concept, and then they license the IKEA brand and concept to everyone else who operates the stores as a franchise operator, of which today Inca is by far the largest.
• ▶ 1:44:24 David Rosenthal And in return for that licensing of the brand and concept, Inter IKEA gets a royalty of three percent of gross sales from every store.
• ▶ 1:44:46 Ben Gilbert The franchisor, who owns the brand, the IPE, all that, is Inter-Ikea Systems.
• ▶ 1:45:05 Ben Gilbert So every year, Inter-Ikea Systems, and this changes a little bit over time, but Inter-Ikea Systems, the parent company, designs furniture and works with manufacturers to have it made and upkeeps the brand and all the corporate stuff.
• ▶ 1:47:28 Ben Gilbert Inka, the franchisee who operates the stores, rolls up to a Netherlands-based charitable foundation where InterIkea Systems, the kind of parent that owns the IP,
• ▶ 2:27:57 Ben Gilbert There's Inter-IKEA Systems.
• ▶ 2:28:17 Ben Gilbert So Inter-IKEA does three things.
• ▶ 2:32:58 Ben Gilbert This is not including the ownership of InterIKEA itself, the company.
• ▶ 2:33:18 David Rosenthal This is like the bank account of the foundation, not valuing inter Ikea, the company at anything.
• ▶ 2:33:40 Ben Gilbert It's funny, I had done some napkin math on if I were to buy all of Ikea, including Inter and Inca, what would I value it at?
• ▶ 2:34:21 Ben Gilbert Again, this would be Inter plus Inca plus the other franchisees at about 50, sixty billion dollars.
• ▶ 2:34:40 Ben Gilbert I don't really care about slicing it inter versus Inca, I think this is all silly, but it is interesting to think, like, there's a cash pile that the inter-Ikea foundation has to ensure the continuity of Ikea that is approximately equal in…
• ▶ 2:38:03 David Rosenthal And that cash, again, is at Inca, totally separate from that, call it, 50 to a hundred billion of cash and securities we can estimate that is over at Inter.