In Davos at the recently held World Economic Forum, Ingka Group deputy CEO and CFO Juvencio Maeztu said that Ikea is going to cut prices – up to 20 percent price reduction in more than 250 articles. The price cuts will be implemented in the coming weeks. Maeztu said, “We have a long term vision to create a better life for the people. So, we have a long term approach at everything we do and the time is ready with high inflation and high interest rate.”
In an exclusive interview with Storyboard18’s editor Delshad Irani, Ikea India CEO Susanne Pulverer, commenting on the price cuts, said, “We have seen a positive development when it comes to getting better prices on the products, especially the post-COVID; when we had seen a lot of inflation and increased costs on raw material, transports and everything. So that’s what we will immediately give back to customers worldwide. And, of course, that goes for India as well. So, we are currently working on how we can further invest in lowering the prices on a number of products that we know are loved by our customers.”
Watch here.