Denmark-based furniture retail giant JYSK Group is all set to challenge Swedish furniture maker IKEA's dominant perch in the Chinese furniture market.
JYSK, with a turnover in excess of 2 billion euros, said it plans to open six to 10 stores in Shanghai during April and May next year and expand the outlets to 500 across the country in the coming years depending on cash flow.
"Our stores would be around 1,000 to 1,500 square meters each with a wide range of Danish-style home products," said Jakob Sonnenberg, China manager of JYSK Holding. The retailer said 50 percent of its products would be made locally, and this would be increased to 80 percent going forward.
The company currently operates 1,500 stores in 32 countries, most of which are in Europe.
"It's a bold move. Nonetheless, there'll be more upside in the short term in China than in the home market and Europe. The company will also benefit from China's still growing economy and upcoming Shanghai Expo," said Darryl Andrew, CEO of business consulting firm Synovate China. |
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