€38bn Ikea looks to Asia for growth

Ikea is planning to enter South America and expand in Southeast Asia in its quest to dominate the world’s home furnishings market.

Those regions are on the Swedish company’s radar after entries into India and Latvia this year, Inter Ikea Holding said.

Retail sales including all franchisees and customer services amounted to €38.3bn in the most recent financial year, which ran through August. “South America will in the long-term become an important growth market,” Inter Ikea chief executive Torbjorn Loof said.