IKEA Philippines recorded a turnover of P6.4 billion in its first year operation ending financial year 2022 on August 31, Ikano Retail said in a statement yesterday.
In the Philippines, Ikano Retail operates the world’s largest IKEA with IKEA Pasay City, an omnichannel business with ecommerce, Click & Collect pick-up points, IKEA Food and a B2B arm, IKEA for Business.
The Philippine operations started in November 2021.
Bedroom furniture and Workspaces were the top earning categories for IKEA Philippines, with the BRIMNES wardrobe with three doors and the ALEX drawer unit among top-selling products. People were also getting organized in their kitchens, taking home 83,865 pieces from the IKEA 365+ series of food storage solutions. IKEA Food was a hit among customers in the Philippines in its opening year, with nearly 8 million plant, vegetable and meatballs sold.
IKEA franchisee network covering the Philippines, Mexico, Singapore, Malaysia and Thailand, posted 1.01 billion euros (P60.1 billion) in turnover in its 2022 financial year — up 41.2 percent from last year and the first time Ikano Retail hit the 1 billion euro-mark.
