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Ikano Retail, the IKEA franchisee in Thailand and 4 other countries, exceeds 1 billion Euro in sales for the first time.

IKEA Thailand IKEA Bangna IKEA Bang Yai IKEA Phuket
Corporate newsOctober 14, 2022

IKEA Thailand turnover up 17% from previous financial year.

BANGKOK – Ikano Retail, the IKEA franchisee that brings Swedish home furnishings to Thailand, the Philippines, Mexico, Singapore and Malaysia, posted THB 36.9 billion (EUR 1.01 billion) in turnover in its 2022 financial year – up 41.2% from last year. With 13 IKEA stores and five IKEA-anchored shopping centres in its portfolio, Ikano Retail is one of 12 IKEA franchisees operating around the world.

The retailer’s revenue surpassed the EUR 1 billion mark for the first time as it grew sales in its five markets, opened two new stores and welcomed more visitors than ever before in its last financial year.

‘’After two years of retail disruptions and COVID restrictions, people made 113 million visits to our stores and shopping centres,’’ said Christian Roejkjaer, Ikano Retail CEO. ‘’It’s clear people were looking for a great day out and turning to IKEA for home furnishing inspiration, Swedish meatballs and affordable products that make life at home a little more comfortable and sustainable.’’ 

In Thailand, Ikano Retail owns and operates an omnichannel business with three IKEA Stores (IKEA Bangna, IKEA Bang Yai and IKEA Phuket). Its IKEA business grew sales by 17%, closing its 2022 financial year on 31 August with a turnover of THB 6.41 billion. Ikano Retail also met 122.5 million visitors on IKEA websites across its five markets and grew its total ecommerce sales 16% on last year. 

Mr. Roejkjaer noted that the organisation managed to keep growing amid tough challenges for retailers.   

‘’Our shelves were not fully stocked as we would have liked it and our costs went way up. Still, we are leading our markets for affordable, quality home furnishing solutions – and our customers appreciate that.’’

Workspaces and Bedroom furniture were IKEA Thailand’s top-earning categories, with LENNART drawer units and MALM four-drawer chests the top-sellers in the country. People were also getting organised in their kitchens, taking home 213,707 pieces from the IKEA 365+ series of food storage solutions. In a financial year that saw customers returning as COVID restrictions eased, IKEA Family membership jumped past its one-millionth member for Thailand. IKEA Thailand’s loyalty club members now account for nearly 60% of its revenue. 

Over the last financial year, Ikano Retail opened the world’s largest IKEA store in the Philippines with IKEA Pasay City, as well as a second store in Mexico with IKEA Puebla. In the years ahead, Ikano Retail will continue its expansion in Mexico with a third store already planned. The retailer is set to grow its business further in 2023 with the opening of IKEA Sukhumvit in the heart of metropolitan Bangkok, adding to three existing IKEA stores in the country.