IKEA has stated, that the Swedish furniture giant plans to invest CNY6.3 billion ($864 million) in the Chinese market over the next three years. The investment is to enhance and integrate its existing assets.
IKEA also intends to cut the prices of more than 300 product categories. The products will mainly be among home storage and other popular consumer items. The price drop will be incorporated in the fiscal year 2024. This is according to a statement made by IKEA China on Tuesday, August 29. The retailer will also offer free delivery and payment by installment, it added.
IKEA China said it has gradually delivered on its commitment to invest a total of CNY10 billion (USD1.4 billion) over the past three years.
Source: yicaiglobal.com
