MALMO: China is still a key growth market for budget furniture retailer Ikea despite the world’s second-largest economy showing signs of strain, executives at the biggest Ikea store owner said on Thursday.
Ingka Group remains committed to China, CEO Jesper Brodin told Reuters, even as some Western companies are seeking to reduce their exposure to the country whose post-pandemic recovery has been sluggish. China’s weight as a market for Ingka Group has diminished: in the 2022 financial year it made up 4.3% of global sales, while as recently as 2018 it accounted for 6%, the same share as the UK. The company has 37 Ikea stores in China, out of a total of 537 locations worldwide.
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