Global home furnishing giant IKEA said it is committed to long-term development in China and will further increase investment in the Chinese market in the new fiscal year.

Ingka Group, the parent group of IKEA, will invest 5.3 billion yuan (about 773.32 million U.S. dollars) in China in the fiscal year from Sept. 1, 2022 to Aug. 31, 2023, IKEA China told a press conference on Wednesday.

The company has invested some 10 billion yuan in the Chinese market in the past three years.

The new investment will be used in fields like consolidating and expanding retail channels and promoting digitalization practices, according to the company.

Catering to the Chinese market’s consumption channel changes, IKEA China conducted more than 200 livestreaming promotions last fiscal year, and the number is expected to reach about 1,000 in the new fiscal year, according to Francois Brenti, vice president of IKEA China.


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Originally published by Xinhua