Russia’s Hoff raises furniture sales by 30% after IKEA’s exit

MOSCOW, Oct 18 (PRIME) -- The sales of Russian furniture retailer Hoff increased by 30% on the year in March–September in physical terms largely because of the withdrawal of foreign brands like IKEA, a company spokesperson told PRIME on Tuesday without providing absolute figures.

In the monetary terms, furniture sales jumped by 45% in the period, the spokesperson said.

“Analysts explain roaring demand by the fact that foreign brands started to withdraw from the Russian market in March,” the person said.

Online sales of furniture rose by 61% in monetary terms and by 44% in physical terms.

Sales of household products rose by 19% in physical terms and by 38% in monetary terms with online sales soaring by 91%, the spokesperson added.

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