IKEA franchisee Ikano Retail’s revenue up 41.2% YoY to S$1.63b in FY 2022

This is the first time it exceeded the EUR1b mark.

Ikano Retail, the franchisee of IKEA in Singapore, Malaysia, Thailand, Mexico, and the Philippines, posted a 41.2% year-on-year revenue growth in the financial year 2022, ending on 31 August, to S$1.63b (EUR1.01b), the first time it exceeded EUR1b.

In a statement, Ikano Retail CEO Christian Roejkjaer said its stores and shopping centres saw 113 million visits after two years of retail disruptions and COVID restrictions.

IKEA websites in its five markets saw 122.5 million visitors, boosting its total e-commerce sales by 16% YoY to $231.7m.

In the financial year, the franchisee opened the world’s largest IKEA store in the Philippines and the second store in Mexico.

Its revenue in Singapore grew 6.5% YoY to $392m, whilst in Malaysia, it increased by 37.4% YoY to $558m. Thailand saw a 22.4% YoY increase to $558m, Mexico grew 106.5% YoY to $102m, and its first store in the Philippines recorded $173m in revenue.

In 2023, it plans to open IKEA Sukhumvit in Bangkok, bringing its stores in Thailand to four.