Ikea’s Operator in Mexico Reports US$1.1 Billion Revenue

Ikano Retail, the operator of Ikea stores in Mexico and Southeast Asia, closed its fiscal year 2023 with global revenues of US$1.1 billion (MX$23.03 billion), marking a 1.3% increase compared to the previous fiscal year.

In Mexico, Ikano Retail operates three Ikea stores located in Mexico City, Puebla, and Guadalajara, alongside an omnichannel model that includes e-commerce, a multichannel distribution center, and the B2B-focused Ikea for Business service.

The Mexican market recorded revenues of around MX$2.24 billion, representing a 20.8% increase year-over-year. The company attributed this growth to the strengthening of the peso against the euro and its focus on offering an accessible range of products.

Ikano Retail highlights its commitment to affordability in the Mexican market, where it provides over 2,000 products, with nearly half classified as essentials or bestsellers.

“Many Mexicans are facing rising inflation and economic uncertainty. Ikea Mexico is investing in lower prices to help them save where it matters,” says the company.