Ikea China investing $38m to expand offerings

Ikea, the Swedish home furnishing and furniture retailer, said it plans to invest 273 million yuan ($38.3 million) in China in the fiscal year to August 2025, and exploits post-COVID-19 consumption trends like more rational buying and a growing preference for cost-effective products.

To this end, Ikea will expand its product and service offerings, its senior executives said. Over 500 lower-priced products, mainly mattresses, bed frames, bedroom textiles and bedroom storage, will be launched. Up to 2,800 products related to sleep, including 400 new products, are in the pipeline for launch during the period, Ikea said.

Pontus Erntell, CEO, president and chief sustainability officer of Ikea China, said: "I think the role of homes has changed over time. We see home has become much more multifunctional and plays different roles. It's a safe place for people, and now it's also a place to relax, interact, exercise and work. This leads to this feeling that people value their homes much more."