Ikea announced that it plans to set up 7 new stores in China within the next five years, involving an investment of $700m. Ian Duffy, President of Ikea in Asia, said that in the past two years, sales income has grown by more than 13% in China.

The company has invested $20m on establishing a production base in Liaoning Province, which will be the largest home furniture production base in China. Ikea has also established a logistics center in Shanghai specializing in the export and transit trade in Asia. 80% of the products sold in Chinese Ikea stores are purchased in China.

NamNews - Monday 10th July 2006

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