This article is by: Asia Times
Read more about it here: IKEA to invest $1.4 bn in China strategy
An excerpt from Asia Times:
IKEA plans to invest 10 billion yuan (US$1.41 billion) in the Chinese market to advance its commercial operations and digitization, it announced at a press briefing in Beijing at which it outlined its strategy for the next three years, Yicai Global reported. This is the largest annual China investment amount in IKEA’s history, the Beijing Daily reported.
IKEA’s local unit will also recruit more than 3,000 new employees in the new fiscal year. It is still evaluating and positioning more projects, and the investment announced today will further increase in the next two years, the firm pledged.
China’s market for home furnishings is currently in a period of steady growth, stated Anna Pawlak-Kuliga, president of IKEA China. The country’s urbanization is gathering pace, its digital development is rapid, and residents’ per capita disposable income is on the rise, all of which has transformed the way people live and consume, she noted. The company is brimming with confidence in the Chinese market, she added.
China is the only market outside of Sweden — where the company formed in 1943 — with a complete IKEA supply chain.
Your On-the-Ground People in China.
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