Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Ping An-Affiliated Fintech Firm OneConnect Raises Capital from New Share Sale As It Eyes Global Expansion
Pompeo Hints At ‘Broader’ Ban on Chinese Apps After Trump’s Executive Orders Targeting TikTok and WeChat
Trending in China: Merchants and Netizens Forced to Pick Sides in Fight Between Delivery Firms
Baidu-Backed Video Streamer iQiyi Probed by U.S. Regulator After Short Seller’s Report
AI Unicorn SenseTime Is Said to Mull Hong Kong, China IPO
Huawei Copies Korean Rivals by Manufacturing Own Display Driver Integrated Chips
JOYY’s Livestreaming Revenue Up 40% in Second Quarter of 2020
Trending in China: ‘Mukbangs’ Under Fire in China Amid High Level Food Waste Campaign
Trending in China: How Will the Chinese Diaspora Survive a WeChat Ban In U.S.?
Online Platform JD.com Buys into Bricks and Mortar Convenience Store Chain
China Unicom Profits Rise in First Half, Stock Soars
ByteDance in Talks with Indian Conglomerate Over TikTok Amid Layoff Fears
Alibaba’s Zhang Yong Tops 2020 Forbes China Best CEOs List
Trending: Family Feud Raises Big Questions Over Succession in China’s Multi-Million “Family” Businesses
Shanghai-Listed Foxconn Internet’s Cloud Service Sales Up 4% in First Half of 2020
U.S.-Listed Chinese Companies Nio and Huya Have Something to Cheer About
Apple Edges Huawei Out of No. 1 in Quarterly Tablet Shipments
Chinese Finance Platform Lufax Files for U.S. IPO of up to $3 Billion
China Mainland Leads U.S. in Fortune Global 500 Companies But Trails in Profitability
Trending in China: Tencent – Fighting Youth Unemployment or Enemy of Older Workers?
Ikea to Invest $1.4 Billion in China With Focus on E-Commerce

By Zhao Runhua / Aug 22, 2019 05:47 PM / Business & Tech

Photo: VCG

Photo: VCG

Ikea will invest 10 billion yuan ($1.41 billion) into the China market in the upcoming 2020 fiscal year, the company announced Thursday in Beijing, according to local media outlet Beijing Evening News. The financing will be Ikea’s biggest ever one-off annual investment in the country.

The money will mainly go toward user experience and business digitization, the Swedish furniture giant said, adding that it will also consider building more sales channels on Chinese digital platforms.

Ikea’s China head Anna Pawlak-Kuliga said that while the company is glad to see Chinese consumers visiting its physical stores for inspiration, it hopes to improve their experiences by further its expanding e-commerce offerings.  

The decision shows that Ikea continues to depart from its long-held and much-criticized localization strategy, which prized brick-and-mortar stores over integration with China’s vibrant e-commerce market.

In 2018, Ikea announced it will build an 8 billion-yuan mixed-use shopping center in Shanghai. Pawlak-Kuliga said the construction project marked the start of a “new era” for the company in China.

Contact reporter Zhao Runhua (runhuazhao@caixin.com)

Related: Ikea Announces $1.2 Billion Shanghai Shopping Complex

Share this article
Open WeChat and scan the QR code