IKEA concerned about the hike of import duties in India, but will keep prices.LogYcode
Following the increase in import duty on toys and furniture announced in the budget, Swedish furniture maker IKEA said that it will hold product prices in India.IKEA will not increase its product prices in India, “the firm said adding that it had requested the government to rethink the rise in import duty.The import duty on furniture has risen from the present 20 per cent to 25 per cent, and has tripled to 60 per cent on toys.
IKEA, which launched its stores in India in 2018, imports 75% of its goods at present. Peter Betzel, Managing Director, IKEA, said on the
sidelines of Retail Leadership Summit 2020, that the organization was unhappy with the move.