Support The Moscow Times!
Contribute today

IKEA Vows to Stay in Russia for the 'Very Long Term'

By The Moscow Times
IKEA's location in Khimki, outside of Moscow.

The chief executive of IKEA, the world's biggest furniture retailer, said Tuesday the group would maintain its long-term approach on Russia as it expects a continued "strong development" in the country.

"In Russia, we have had a very good year — just as last year," IKEA Chief Executive Peter Agnefjall said after the group announced a near 6.0 percent rise in total sales for its fiscal year 2013/2014.

"We expect a continued strong development in Russia," he said.

Asked if IKEA had considered slowing its pace of expansion in Russia due to political developments, he said: "I think it's fair to say our approach is very long term."

Agnefjall added that IKEA's target to reach 50 billion euros in total sales by 2020 remained intact.


… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue

Read more

news

IKEA Russia Won't Replace Scandinavian Cheese, Salmon

IKEA stores in Russia may still be offering a "taste of Sweden" in their buffets, but the menu will soon be missing two signature items — Scandinavian...
circumstances unclear

U.S. Citizen Killed in Moscow-Held Donetsk – Russian Media

Russell Bentley, 64, was known to have fought with Moscow-backed separatists in eastern Ukraine and had been given Russian nationality.
1 Min read
'nuances'

Russian Officials Face Restrictions on Foreign Trips, Kremlin Confirms

The confirmation comes after a Reuters report said Russia's stricter travel rules were linked to fears of foreign powers gaining access to state secrets...
2 Min read
tone deaf

Russian Official Resigns Over Son’s Viral Bali Vacation Video

“Some ask me, ‘Ilya, will you ever come back to Perm?’ ... Why the hell would I want to be in Perm?” regional official Alexei Dyomkin's son said...
1 Min read