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IKEA extends price cuts in Korea

This photo shows IKEA Goyang in Gyeonggi Province, November 5, 2020. Korea Times file

This photo shows IKEA Goyang in Gyeonggi Province, November 5, 2020. Korea Times file

Swedish furniture giant IKEA said Thursday it has extended price cuts for its products in Korea to provide more products at lower prices.

IKEA has cut prices on 330 products by 12 percent from Thursday, after cutting prices on 360 products in April and 300 products in December, the company said in a statement.

“The company is focused on providing more affordable home furnishing products to our customers rather than maximizing profits in fiscal year 2024,” the report said.

IKEA has reduced prices on an average of 1,000 products in Korea, Japan, Canada, France and Switzerland, among others.

The company says making its products even more affordable, without sacrificing quality, is a way to continue growing in the long term, as it has for the past 80 years.

Ingka Group, which owns most IKEA stores, aims to return prices to pre-pandemic “inflation-adjusted” 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 is 473 in 63 markets.

Globally, privately held Ingka Group saw its total revenue rise to 41.7 billion euros ($44.8 billion) in fiscal 2023, up from 39.5 billion euros a year ago. (Yonhap)

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