This undated file photo provided by IKEA shows its outlet in Goyang, just north of Seoul. (Image courtesy of Yonhap)
SEOUL, Jun. 20 (Korea Bizwire) — Swedish furniture giant IKEA said Thursday it has expanded price cuts on its products in South Korea to provide more products at lower prices.
IKEA has cut the prices of 330 products by 12 percent starting Thursday after lowering the prices of 360 products in April and 300 products in December, the company said in a statement.
“The company is focusing on providing more affordable home furnishing products to our customers instead of maximizing profits in the fiscal year of 2024,” it said.
IKEA has lowered prices on an average of 1,000 products in countries including South Korea, Japan, Canada, France and Switzerland.
The company said becoming even more affordable with its products without compromising on quality is a way to continue to grow in the long term as it did in the past 80 years.
Ingka Group, the owner of most IKEA stores, aims to bring prices back to “inflation-adjusted” pre-pandemic levels by the end of next year.
Ingka Group has 399 stores in 31 countries. The total number of IKEA stores, including Ingka’s, around the world reaches 473 in 63 markets.
Globally, the unlisted Ingka Group saw its overall sales rise to 41.7 billion euros (US$44.8 billion) in the 2023 fiscal year from 39.5 billion euros a year ago.
(Yonhap)
