Home / Knowledge / News / Apparel/Garments / IKEA to hike PRC investment, tap home furnishing potential

IKEA to hike PRC investment, tap home furnishing potential

29
Aug '19
Pic: Shutterstock
Pic: Shutterstock
Swedish home furnishing firm IKEA plans to raise its investment and presence in China as part of its localisation strategy to expand business and cater to shifting local demands. The company will make its biggest investment in China in fiscal 2019-20 and more in the following two years as home furnishing is expected to boom in China, IKEA China announced.

The plan is part of IKEA China's ‘Future+’ strategy for the local market in the next three years featuring enhanced accessibility, digitalisation and home expertise services, according to a news agency report.

Apart from the stable growth witnessed in China’s home furnishings market now, urbanisation, digitalisation and rising disposable income are changing the way people live and consume, according to Anna Pawlak-Kuliga, chief executive officer and president of IKEA China.

As part of the plan, IKEA will upgrade its existing stores and will accelerate expansion in the country by opening four new stores in four months.

E-commerce coverage will also be expanded, while small stores will be opened to create more meeting places close to consumers.

The company will offer digital tools offline to simplify the shopping process, creating an inspiring and convenient shopping experience online. A digital hub was established last month as a new business unit to enable its digital capabilities.

More diverse business models will be explored, including launching full-house design services and upgrading its business-to-business service to work with commercial real estate companies on furnished apartments, long-term rental apartments and offices.

The company opened its first China store in Shanghai in 1998, and now operates 27 stores, two experience centres, four distribution centres and seven parcel delivery centres on the Chinese mainland. It launched e-commerce services in October 2018 covering 227 cities and areas. China is the only market other than Sweden that has a comprehensive IKEA value chain. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 6th Dec 2019

RMG units open in Cambodia despite risk of EBA deal loss

Garment units continue to open in Cambodia despite the looming threat ...

Pic: Shutterstock

E-commerce | On 6th Dec 2019

Europe continues to dominate global e-com ranking: UNCTAD

Europe remains by far the most prepared region for e-commerce, with...

Pic: Shutterstock

Apparel/Garments | On 6th Dec 2019

58 RMG units set up in Bangladesh in Jan-Oct 2019

Fifty eight new garment factories have been set up in Bangladesh...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

The budget will give major impetus to textile and apparel consumption

Top executives, Machinery Company

Top executives
Machinery Company

We will promote latest technologies at ITMA Barcelona

Stefan Warnaar, Peak to Plateau

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Mario Ploner,

Mario Ploner

<div>Italian company Tecnomeccanica Biellese specialises in planning and...

Urmil Arya,

Urmil Arya

Sushila International, a well established textile organisation established ...

Carmen Silla,

Carmen Silla

Leading the transformation of the textiles industry with disruptive...

Johann-Philipp Dilo, Dilo Group

Johann-Philipp Dilo
Dilo Group

German company Dilo Group is one of the leading equipment suppliers of...

Ashok Desai, Bombay Textile Research Association

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Eamonn Tighe, Nature Works LLC

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Rajesh Pratap Singh, Rajesh Pratap Singh

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Anjali Bhaskar has an experience of 12 years in the fashion industry. She...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


December 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search