Ikea
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IKEA continues to cut prices in response to economic pressures
Amid economic pressures and reduced consumer spending, IKEA, under the stewardship of Ingka Group, has initiated multiple rounds of price cuts since the start of the fiscal year in September.... Continue reading
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May 1, 2024
IKEA continues to cut prices in response to economic pressures
Amid economic pressures and reduced consumer spending, IKEA, under the stewardship of Ingka Group, has initiated multiple rounds of price cuts since the start of the fiscal year in September.... Continue reading
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April 24, 2023
IKEA retail announces biggest ever investment in US
Ikea is investing more than $2 billion in the U.S. for growth over the next three years.... Continue reading
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December 18, 2020
IKEA plans to enter Indian wood market delayed due to Covid-19 pandemic
IKEA India’s plans to enter in the wood market have been delayed because of the Covid-19 pandemic. Peter Betzel, MD, IKEA India, had earlier said that IKEA’s parent company, Ingka, was looking at a few investments in manufacturing or raw materials in India. Earlier this year, on the sidelines of a retail event in Mumbai, Betzel had told BusinessLine that it had plans to invest in the wood market in India. During a recent infraction Per Hornell, Market and Expansion Manager, IKEA India, said that as sustainability remains its top priority for the Indian market, entering the wood market is definitely something IKEA is looking at. “These plans continue to develop and now we are progressing with them,” he said. To promote Make in India, customs duties on over 50 products in each consignment of wooden furniture, tableware, kitchenware, and toys, among other products were... Continue reading
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November 28, 2023
Gazprombank buys IKEA stores owner’s in Russia
Gazprombank Group has agreed to buy IKEA owner Ingka Group's 14 MEGA shopping centres in Russia for an undisclosed price.... Continue reading
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August 29, 2022
Ikea announces further investments in Chinese market
Ingka Group, the parent group of Swedish home furnishing giant Ikea, will invest 5.3 billion yuan (EUR 770 million) in China in the fiscal year 2023, the company said in a press conference. The investment will be used for further business digitalization, construction of new stores and shopping malls as well as the integration of multiple distribution channels, said Anna Pawlak Kuliga, CEO and president of Ikea China. Lydia Song, vice-president of Ikea China, said that the company will announce the investment of a wind power project in China later this year. As to the store expansion plan in China for fiscal year 2023, which will start on Sept 1, Ikea will open a smaller scale store in Hefei, the capital city of East China's Anhui province. It will also launch a second store in Xi'an of Shaanxi province. In early July, Ikea shut down its 8,500-square-meter store in northeast... Continue reading
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March 28, 2019
IKEA close to enter the Mexican market
IKEA is exploring locations in Mexico City, Guadalajara and Monterrey to open its first store in the country. IKEA Mexico, part of the Ikano Group, franchisee of the brand, opened an office in Mexico City in April 2018 and has started the search for personnel for some key posts, particularly in areas related to e-commerce. “We are looking for the largest cities in Mexico, these three being the most important. We are also looking across the country in general,” Antonia Banuelos-Leon, marketing manager of IKEA Mexico, told Reuters. The retailer will announce its plans within a month, including several store formats, said Banuelos-Leon, who declined to comment on the number of stores or the period in which the openings are estimated. It should be remembered that Mexico, like Chile, Colombia and Peru, are the new expansion markets for IKEA in Latin America, the last three... Continue reading
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March 15, 2016
IKEA set to open first store in Morocco
After months of diplomatic difficulties between Morocco and the Swedish government, IKEA will finally open its first store in the disputed area. The difficulties were encountered because of Sweden’s plans to recognize the independence of Western Sahara territory, according to Quartz Africa. Africa’s last colony, Western Sahara, is quarreled about for the Moroccan government because the Sahrawis claim the right to independence, even if the Moroccan forces tried to annex the territory and is investing billions of dollars for Moroccans to move there. Last year, in September, Morocco didn’t allow IKEA to open its store because it didn’t have the proper licensing regarding its stance for Western Sahara. This also blocked other Swedish companies, such as H&M and Volvo. Sweden has filled an internal review, which concluded in January that its government won’t recognize... Continue reading
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April 5, 2019
IKEA tests furniture rental in 30 markets
IKEA will expand tests to allow customers to rent desks and sofas rather than buy them as it shifts away from selling low-cost disposable furniture in response to growing environmental concerns. The worlds biggest furniture group first said it was looking into furniture leasing in February. It fleshed out its plans on Wednesday at an event held at its first ‘sustainable’ store in Kaarst, western Germany, opened in 2017. “Testing out opportunities for leasing offers is one of the ways we are challenging ourselves to deliver on our transformation strategy,” said Jesper Brodin, chief executive of Ingka Group, which owns most IKEA stores. “Climate change and unsustainable consumption are among the biggest challenges we face in society.” IKEA’s move towards supporting a more circular economy comes as many young consumers say they want to minimize their impact on the... Continue reading
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May 1, 2024
IKEA continues to cut prices in response to economic pressures
Amid economic pressures and reduced consumer spending, IKEA, under the stewardship of Ingka Group, has initiated multiple rounds of price cuts since the start of the fiscal year in September.... Continue reading