Ikea has vowed to take a conservative approach to expansion in China and other emerging markets in an attempt to avoid a repeat of the problems that have beset the Swedish furniture retailer in Russia.
Mikael Ohlsson, chief executive, said Ikea had learnt lessons from Russia, where two senior executives were fired last year for ignoring bribery by a subcontractor.
“We saw in Russia that things can go wrong when you go too fast,” he told the Financial Times. “We want to secure the competence and the Ikea culture in markets before building too many stores.”
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