Ikea targeting China and India in bid to increase sales by 50%

Ikea Group has laid out plans to accelerate its expansion in China and open its first store in India as the world’s largest furniture retailer seeks to boost sales by almost 50% over the next four years.

In China, where the company opened its first store almost two decades ago, sustained growth will enable an accelerated pace of expansion, chief executive Peter Agnefjaell said yesterday. Ikea plans to open its first outlet in India next year and aims to have 25 there by 2025, he said.

The retailer has a goal for revenue of €50bn by 2020. Sales in the 12 months through August rose 7.1% to €34.2bn, the company said yesterday.