Swedish furniture retailer Ikea has cut prices on a sizable part of its over 9,000 articles on offer in India. The price cuts range from 16-39 per cent across various product categories.
The price cuts have been done courtesy of improvements in the overall sourcing, design, product development, packaging and volumes, Ikea India's chief executive and chief sustainability officer Susanne Pulverer told PTI.
Pulverer also added that the price cuts are not linked to inventory management, where a retailer offers a limited-period discounts on products.
The Ikea chief also pointed that "Indian consumers are very price sensitive" and stated that the price cut is not driven by competitive pressures.
Besides, she also made it clear that there will not be any compromise on the quality, function, design and sustainability features.
Broader lines of products where the price cuts have happened include living room articles, storage, kitchen, mattresses and bedroom furniture. However, the Ikea chief did not mention the number of articles where the reductions have happened.
The furniture retailer, which is operating five offline stores, is at the end of its stated Rs 10,500-crore investment cycle for the country, Pulverer said. She stated that the last of the stores in New Delhi will take about 30-36 months to open.
The company will take a call on further expansion after the end of the investment.
Meanwhile, Pulverer noted that India is an important growth market and is here for the long term.
(With PTI inputs)
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