Ikea has reported healthy growth in its annual sales as it reveals ambitious expansion plans which will see it reach 3 billion people by 2025.
In the 12 months to August the Swedish flatpack furniture giant saw sales rise 4.5 per cent to €38.8 billion (£33.9 billion).
Though existing store sales remained largely flat during the period, Ikea saw sales from its growing online offering jump 31 per cent, which according to Reuters accounted for around eight per cent of total turnover.
The retailer, which trades through 11 franchisees across 50 markets, opened 19 new outlets during the year bringing its total to 422.
This included its first foray into the Indian market, as it positioned itself to expand into a swathe of new markets over the coming years.
By 2020 Ikea plans to have launched stores in Chile, Columbia and Peru, while targeting Mexico, Estonia, Ukraine, Puerto Rico, Oman, Luxembourg, the Phillipines and Macau in years proceeding.
“By 2025, we have the potential to reach and interact with 3bn people,” group chief executive Torbjörn Lööf said.
“We will offer new and different ways to shop the Ikea product range – online, in remote locations and in city centres.
“We will introduce smaller store formats and offer a wide range of flexible and affordable services.”