A battle for the throne in the furniture market: the competition between IKEA, JYSK and the Mömax–Möbelix–XXXLutz alliance

United Austrian front: XXXLutz is here too

As of spring 2023, MMXH will no longer operate not only the Mömax and Möbelix networks, but also the XXXLutz stores, after the latter merged into the company. With this, the Austrian-based company has finally consolidated its presence in Hungary and emerged as a clear challenger to the two big guns of the market, IKEA and JYSK.

The Hungarian Competition Authority had been monitoring the developments in the past – especially since XXXLutz took over the Kika stores – but eventually approved the merger. As a result of the merger, MMXH now employs more than a thousand people – although this total number is lower than the combined number of employees of the three previous companies.

Still IKEA country in terms of sales

According to the latest business reports, IKEA remains the market leader: its net sales of HUF 137.2 billion far surpasses the results of its competitors. JYSK closed the year with a revenue of HUF 76.8 billion last year, while MMXH produced HUF 62.3 billion in its first joint year after the merger with XXXLutz.

Interestingly, IKEA’s sales decreased by 6.2%, while JYSK’s grew by 14.4%. MMXH’s results show a slight decline compared to the combined figures of previous years.

JYSK leads the way in exports

If we look at domestic and export sales together, JYSK is also on the front foot: with its export revenue of 61.2 billion forints, it far surpasses the export performance of IKEA (148 million forints) and MMXH (27 million forints). Thus, it is just ahead of the Swedish furniture manufacturer in terms of total sales revenue.