IKEA Cuts Prices on Hundreds of Products Across Europe
The retailer said average cuts reach 22% in Italy and 20% in Germany as it seeks to boost demand after two years of falling revenue.
- On Tuesday, IKEA Cyprus joined a new wave of price cuts as the Swedish furniture retailer seeks to revive demand amid rising housing costs and squeezed household budgets.
- Ingka Group, the largest IKEA retailer, is investing EUR 1.2 billion to lower prices across European markets, aiming to attract cash-strapped consumers following two consecutive years of falling revenue.
- In Germany, prices on more than 1,500 products dropped by an average of 20%, while iconic items like the BILLY bookcase saw 28% reductions in Britain and 26% for BEST frames in Italy.
- To support affordability beyond Europe, Ingka Group will also invest EUR 70 million in Asia and North America, while redesigning products and automation helped cut packaging costs by 70% for Pax wardrobes.
- CEO Juvencio Maeztu stated keeping prices low is "Keeping prices low is our long-term commitment and part of our promise to side with the many people," adding the retailer is opening smaller stores to improve accessibility as part of omnichannel experience.
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The company will reduce by an average of 21% the cost of 397 products during its new fiscal year, within an investment of 1.2 billion to cheapen its offer in Europe Ikea touches the 2 billion turnover in Spain after selling 164 million
Reformatorisch Dagblad
welingelichtekringen.nlFurniture and home furnishing chain IKEA is allocating around 1.2 billion euros to lower the prices of a large number of products in Europe. The price reductions apply to more than 1,500 products and will take effect on September 1. The chain thus wants to meet customers who are struggling with increased living costs.
The Ingka Group, the largest franchisee of IKEA, and the Inter Ikea Group have announced this Tuesday a total investment of 1.2 billion euros to lower prices in European markets, of which 53.4 million euros are concentrated in Spain and will benefit households. This investment becomes effective ... Continue reading "IKEA invests 53.4 million in lowering its prices to support Spanish households"
leprogres.fr
This is the second time in two years that the kit furniture giant is lowering its prices despite the effects on turnover and profit in its last fiscal year.
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