IKI Lietuva explained

IKI Lietuva, UAB
Trade Name:IKI
Founder:George Ortiz, Nicolas Ortiz, Oliver Ortiz
Area Served:Lithuania
Key People:CEO Nijolė Kvietkauskaitė
Industry:Retail
Revenue:€819.4 million[1]
Net Income:€10.5 million
Assets:€83.7 million
Equity:€119.3 million
Num Employees:6096
Num Employees Year:2022
Parent:REWE Group
Location City:Vilnius
Location Country:Lithuania

IKI Lietuva, formerly known as Palink, is the operator of the "IKI" supermarket chain and the "LastMile" delivery service in Lithuania.

History

Palink was founded by Belgian brothers George, Oliver and Nicolas Ortiz.[2] The first store was opened in 1992 in Vilnius, Lithuania.[3]

In 2005, Palink opened its first store in Riga, Latvia.

In 2014, Palink sold all IKI stores in Latvia (51 stores) to local company Mego, stating that Palink is not interested in investing in Latvia anymore. IKI was 5th largest supermarket chain in Latvia.[4] [5]

The company currently operates over 240 "Iki", "Iki Cento" and "Iki Express" stores in more than 70 cities and is the second-largest retail grocer in Lithuania.[6]

In 2016, the Iki Cento brand of stores was discontinued.[7]

In mid-March 2018, Rimi Lietuva submitted nominations of potential buyers to the Competition Council. The council did not support them, on the grounds that these buyers "would not provide stable and at least as effective competition" as the current company provides until the transaction is implemented. In April, the Competition Council announced that the sale of Iki to Rimi was terminated.[8]

In July 2018, the German company REWE increased its stake in Palink to 93.75% of the capital.[9] [10] [11] The second owner was E. Leclerc group Unilec.

In 2021, Palink made acquisition of the "LastMile" delivery service.

Palink was renamed to IKI Lietuva on 2 September 2022.[12]

See also

Notes and References

  1. Web site: Palink, UAB .
  2. News: From Ground Zero to the EU. Kaminski. Matthew. 2004-04-28. Wall Street Journal. 2019-10-24. en-US. 0099-9660.
  3. Web site: Istorija . IKI – Mes visi mylim maistą! . 2020-06-10 . https://web.archive.org/web/20230202225150/https://iki.lt/apie-mus/istorija/ . 2023-02-02 . live . lt . 2023-02-02.
  4. Web site: "Palink" parduoda prekybos tinklą Latvijoje. Šerėnaitė. Asta. vz.lt. lt. 2019-10-24.
  5. Web site: 'Mego' pērk IKI veikalu tīklu; gaida konkurences uzraugu atļauju. 2014-01-17. delfi.lv. lv. 2019-10-24.
  6. Web site: "Iki" į tinklo plėtrą pernai investavo 80 mln. Lt. dead. https://web.archive.org/web/20140117003432/http://www.15min.lt/naujiena/verslas/bendroves/iki-i-tinklo-pletra-pernai-investavo-80-mln-lt-663-398501. 2014-01-17. 2019-10-24.
  7. Web site: Istorija . 2023-02-06 . IKI – Mes visi mylim maistą! . lt-LT.
  8. Web site: "Rimi" Lietuvā tomēr neizdodas pārpirkt "Iki" veikalus . 2022-07-13 . Jauns.lv . lv.
  9. Web site: Cleveron Mobility AS pilot project with one of the largest retailers in Lithuania has started . view.news.eu.nasdaq.com . 2022-12-03 . https://web.archive.org/web/20230202225409/https://view.news.eu.nasdaq.com/view?id=bed2136ea8c51500958ce66a53a2fd944&lang=en . 2023-02-02 . live . 2023-02-02.
  10. Web site: The Baltic Course . Germany's Rewe takes control of Lithuanian supermarket chain Iki . The Baltic Course . 2018-11-07 . https://web.archive.org/web/20230202225404/http://www.baltic-course.com/eng/good_for_business/?doc=144986 . 2023-02-02 . live . 2023-02-02.
  11. Web site: Germany's Rewe increased its stake in Lithuanian supermarket chain Iki - Strategeast . Strategeast . 2018-11-08 . https://web.archive.org/web/20230202225359/https://www.strategeast.org/germanys-rewe-increased-its-stake-in-lithuanian-supermarket-chain-iki/ . 2023-02-02 . unfit . 2023-02-02.
  12. https://www.delfi.lt/verslas/verslas/iki-valdanti-palink-keicia-pavadinima-91134975

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