Sentica acquires majority stake in furniture and décor company Veke – focus on accelerating the omnichannel growth
Furniture and décor retailer Veke has taken its growth strategy into high gear by broadening its ownership base. Within a few years, the eCommerce forerunner has become a leading operator in the online segment. Private equity investor Sentica and Veke have a shared mission in developing Veke into one of the largest furniture and décor companies in Finland.
Veke has been among of the first companies in the furniture and décor eCommerce in Finland and has managed to grow into one of the largest retailers within a decade. The year 2021 delivered outstanding market activity and digital retail has continued its strong growth path. Veke’s revenue surpassed €30 million, and profitability continued positive development. Approximately 75 % of revenue was generated from eCommerce and the remaining share was delivered by its three brick-and-mortars in Vantaa, Oulu and Rovaniemi.
The partnership aims in further strengthening Veke’s market position. Veke’s inspiration-focused brand will be actively reinforced, the share of own private label brands increased, and digital business areas will be continued to develop. In the transforming furniture and décor market, omnichannel customer experience is continually in focus, which is supported by new brick-and-mortar openings such as Tampere this year.
