2023-10-13 15:09:16
Founded eighty years ago by Ingvar Kamprad, Ikea continues to gradually conquer the world. As reported by Capital, the Swedish furniture giant unveiled its financial results for the 2022-2023 financial year, ending at the end of August, on Thursday October 12. Despite a reduction in volumes sold, the group managed to generate 47.6 billion euros in turnover, which represents an increase of 6.6% compared to the previous year. The brand welcomed 860 million visitors, compared to 822 in the previous year.
Ikea is already looking ahead to the new year with optimism, because the price reduction that began on September 1 on several thousand products seems to appeal to consumers, regardless of their geographic area. In December 2021, the group announced an average increase of 9% in its prices to cope with its rising costs, but Ikea indicated that it had optimized its production and improved its material development to be able to offer this massive reduction.
Cessation of activities in Russia
“In these times of high inflation when many people are struggling to cope with the cost of living, the need for affordable furniture solutions is high,” said Jon Abrahamsson Ring, managing director of Inter Ikea, in a communicated. Longer term, the three main opportunities we see for Ikea are to become even more affordable, more accessible and more sustainable.”
This price reduction strategy might therefore become even more pronounced in the months to come, as Ikea seeks to attract new customers. The group must also find a way to compensate for the cessation of its activities in Russia, a market which accounted for around 5% of its global sales.
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