IKEA franchisee posts RM1.58 billion revenue in Malaysia

Ikano Retail, the IKEA franchisee that brings the Swedish furnishing chain to Malaysia, Singapore, Thailand, Mexico and the Philippines, has posted a RM5.25 billion in turnover for its 2023 financial year. In Malaysia alone, Ikano closed its 2023 fiscal year with a turnover of RM1.58 billion.

“It continues to be tough economic times for all retailers. With higher costs, inflation and more cautious consumers. Still, our IKEA stores attracted 119.6 million visits,” Ikano chief executive officer, Christian Roejkjaer, said.

In total, Ikano posted a EUR1.08 billion in turnover for the financial year.

Storage products has dominated the sales for all 13 of Ikano’s IKEA stores across the five markets, followed by tableware, with more than 5.5 million plates and bowls sold from the OFTAS collection. The IKEA Food section also continued to be well visited by the shoppers. The company recorded 14.5 million visits across its IKEA restaurants, cafes, bistros and Swedish Food Markets.

Source: nst.com.my

About Miabell Mallikka

Miabell Mallikka is a journalist working with ScandAsia at the headquarters in Bangkok.

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