PRESS: Ikea plans to cut prices in Russia by 15–20%

MOSCOW, Jan 26 (PRIME) -- Swedish furniture retailer Ikea plans to reduce prices in Russia by 15–20% for 1,800 items, which represents 20% of the product range, and for some goods prices will fall 40%, CEO of the Russian division Walter Kadnar told business daily Vedomosti in an interview released on Thursday.

Ikea wants to attract as many consumers as it can by holding down prices in conditions of a reduction of real disposable incomes in Russia, Kadnar said.

The price reduction is not a promotional campaign and the goal is to allow Ikea to reach a 50% revenue rise to 50 billion euros by 2020, he said.

End