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IKEA announced further global price cuts, and Ongku, head of retail at Ingka Holding Group, said now is the time for IKEA to invest in pricing power rather than profits.
Ingka has invested more than 1 billion euros in price reduction strategies, such as reducing the prices of more than 1,500 products in Canada, including the popular Billy bookcase, which has been reduced by 20%. Onku pointed out that the price reduction strategy launched in Europe in September 2023 increased the number of customers and sales of goods.
Ingka Group plans to provide more affordable and sustainable products at its global operations and diversify its investments through IKEA stores, such as shared office spaces and restaurants.
(Source: Oriental Daily Picture source: unsplash)
