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August 27, 2020

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IKEA going big in China

Sweden’s home furnishing retailer IKEA plans to invest 200 million yuan (US$28.6 million) in China in manufacturing, design and logistics to boost sales and woo budget-sensitive buyers.

In the fiscal year beginning September, IKEA will cut prices on about 250 items compared with about 100 products in the previous year.

Affordability will become an annual priority, after seeing an increasing awareness for value for money, said Freda Zhang, IKEA China vice president.

Shanghai office worker Elf Chen said: “IKEA’s products might not be the cheapest ones compared with local offerings but it still has a convenient and hassle-free shopping experience.”

She said she had spent about 20,000 yuan at IKEA in the past month.

Cheaper products in the new season include bestselling items such as sofas and bookshelves.

IKEA has yet to report its financial performance for the year ending August, but Francois Brenti, another IKEA China vice president, said digital channels saw 67 percent growth year on year.


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