IKEA plans further expansion in Russia and China

The Ikea Group  is to continue expanding in Russia and China after increased sales in both countries fuelled an 11% increase in overall sales over the past year,  its CEO Peter Agnefjaell told Bloomberg this week. The Swedish retailer’s sales for the 12 months up to August grew to $35bn with Chinese and Russian revenues up 20% and 10% respectively.
“China and Russia are at the top [of our emerging markets’ performance],” he said in a telephone interview yesterday. “Going forward, we don’t see any really big concerns when it comes to  sales development.”
The group has set itself a 2020 sales target of €50bn, principally driven by adding outlets, expanding its online operations and bringing in new ranges more frequently. It currently operates 19 stores in China and 14 in Russia and is planning to open stores in Guangzhou, Suzhou and Chengdu. It is also looking at opening operations in India, Agnefjaell said. 

Source: Bloomberg